Frontiers in Business, Economics and Management 
ISSN: 2766-824X | Vol. 6, No. 3, 2022 

 

60 

Research	on	Time	Bank	Mutual	Pension	Model	under	
the	Background	of	Aging	Population	
Xianguang Xie, Min Zhang* 

School of Statistics and Applied Mathematics, Anhui University of Finance and Economics, Bengbu 233000, Anhui, China 
*Corresponding author:zhangmin2988@126.com 

 

Abstract: With the aging of the population,the-age security of low-income urban and rural resident,who account for about 70% 
of china’s total population,has become an important issue related to the national economy and people’s livelihood,and also a 
short board to be solved urgently in building a socialist modernization power[1].Mutual support for the aged is a new pension 
model that transcends the blood relationship, can assist the family to provide for the aged, and solve the pension problem with 
the help of social forces. In this model, the concept of "time money" is introduced and merged into a brand-new mutual support 
model "Time Bank". China's "Time Bank" mechanism is still in the development stage, and there are still some problems from 
the current operation of this new pension model in China. In order to promote the extensive development of Time Bank, this 
paper makes a theoretical analysis on the conversion of time currency value, withdrawal and deposit, the conversion of labor 
value and time currency value in Time Bank, and the inheritance of time currency savings, so as to create an all-round, wide-
area, multi-level and integrated old-age service ecology, create a service-oriented old-age model with China characteristics, and 
contribute to China's wisdom and China's plan for solving the world's old-age problems. 

Keywords: Time Bank, Mutual support for the aged. 
 

1. Introduction 
China's seventh census in 2020 showed that there were 

88.11 million people over the age of 65, accounting for 6.96% 
of the total population. The sample survey in 2020 showed 
that the proportion of people over the age of 65 rose to 82%, 
and the survey at the end of 2005 showed that the number of 
elderly people in China had reached 100.55 million, 
accounting for 7.7% of the total population. According to the 
standards set by the United Nations, people over the age of 65 
accounted for the total[2]. With the passage of time, the aging 
of the population is becoming more and more serious. 
Therefore, it is necessary to implement the mutual pension 
model, among which the most developed one is the Time 
Bank, which is a practice form expanded according to the idea 
of self-care and mutual pension. The mutual pension model 
of Time Bank encourages and guides volunteers to provide 
pension services for the elderly according to the idea of 
"saving time at the younger age, exchanging services at the 
older age", and records the storage service time according to 
certain rules. Time Bank is an important operation mechanism 
of mutual support for the aged in China. The operation idea 
of Time Bank is to transform the traditional asymmetric social 

service mode into social network, make up for the scarcity of 
personal resources with the abundant advantages of network 
resources, build a community ecology with time as universal 
equivalent by improving the lack of interaction between 
people in modern society, and use it to develop a new mode 
of mutual support for the aged and gather social capital to ease 
the pressure of future aged care. Therefore, it is necessary to 
further explore the concept and practice of developing Time 
Bank to solve the problem of old-age care. 

2. The Background and Present 
Situation of the Development of 
Time Bank in China 

With the acceleration of the aging process, the number of 
elderly people in China is increasing, and providing for the 
aged has become a big practical problem at present. 
According to the data released by the National Bureau of 
Statistics in January, 2018, by the end of 2017, the population 
over 60 years old in China had reached 240.9 million, 
accounting for about 17. 3% of the total population, of which 
158.31 million were over 65 years old, accounting for 11. 4% 
of the total population. As shown in Table 1[3]: 

 
Table 1. Population and composition in 2017 

index 
Year-end number 
(10,000 people) 

Specific 
gravity(%) 

National population 
Among them: town 

Countryside 
Among them: male 

woman 
Among them: 0-15 years old (including under 16 years old) 

16-59 years old (including under 60 years old) 
60 years old and above 

Among them: 65 years old and above. 

139008 
81347 
57661 
71137 
67871 
24719 
90199 
24090 
15831 

100.0 
58.52 
41.48 
51.2 
48.8 
17.8 
64.9 
17.3 
11.4 



 

61 

 
The problem of providing for the aged has become a social 

issue of great concern, and topics such as "empty nesters" and 
"lonely elderly" are still hot. At present, the problem of 
providing for the aged in China is serious, and the reasons are 
as follows: 

1.Changes of children's concept of old-age care 
A large number of people no longer regard caring for their 

parents as their primary responsibility, and even some people 
refuse to raise their parents. China's traditional virtue of 
respecting the elderly has been weakened, while the rapid 
economic development and the improvement of living 
standards have provided conditions for children to move out 
and live together. On the other hand, with the popularization 
of education, the number of people who leave their parents to 
study abroad is increasing. There are more and more empty 
nest families with only parents. At the same time, due to the 
fast pace of modern life and the pressure of work, children 
take less and less care of their parents. 

2.Poverty in old age 
At present, poverty has become one of the basic problems 

in China society, and the government attaches great 
importance to it. With the process of reform and opening up, 
planned economy has been replaced by market economy. The 
employment situation has become very severe, which leads to 
employment difficulties for the elderly. Because almost no 
one in this generation enjoys old-age insurance, they can only 
rely on retirement pension to maintain their own life. 
However, with the deepening and development of economic 
reform, the competition among enterprises has become more 
intense, resulting in enterprises defaulting on their pensions 
due to the economic crisis. The economic income of the 
elderly is not guaranteed . 

3.The social welfare system is not perfect. 
With the increasingly serious problem of providing for the 

elderly, more and more elderly people want to enter welfare 
institutions. However, the welfare homes for the elderly in 
China are far from meeting the needs of the elderly. 
According to the survey, there are about 10 million elderly 
people over 70 years old in China, but there are less than 
40,000 welfare institutions in China, which can only 
accommodate more than 830,000 people. Among the existing 
welfare institutions. In China, many welfare institutions are 
facing the dilemma of lack of funds at the same time.The 
imperfect medical welfare of the elderly is also one of the 
problems in our welfare system. The reform and opening-up 
drive China's economic development, and at the same time, it 
also increases the cost of medical treatment and medicines. 
As a result, many elderly people don't look down on diseases, 
and some minor diseases don't go to see them. In this case, the 
state has not introduced policies to reduce the medical 
expenses of the elderly to ensure their health. 

Therefore, this requires the mode of "self-support for the 
aged" to solve the aging problem and the severe support for 
the aged, and "Time Bank" is one of its concrete forms. From 
the national point of view, according to statistics, at present, 
there are more than 240 Time Banking institutions in China, 
covering 31 provinces (municipalities and autonomous 
regions), such as Sichuan Chengdu, Jiangsu Nanjing, 
Guangdong Guangzhou, Anhui Huangshan, Shandong 
Binzhou and Hangzhou, Zhejiang, etc., which have developed 
time-based mutual support for the aged. For example, time-
based bank in Laojie Community of Huangshan City, Anhui 
Province has attracted more elderly groups in this community 

to participate. This domestic model mainly serves the elderly 
and the disabled in the community, with the younger and 
health of the elderly as the main service providers, and 
provides daily care and spiritual comfort as the main service 
contents. However, the organization, management and 
operation of this model in China have not yet formed a mature 
system, and there are still many shortcomings, such as 
imperfect organization and management mechanism, less 
funding sources, imperfect network information system, and 
insufficient development efforts. Take Beijing as an example. 
In 2022, the Beijing Municipal Government took the 
development of the "Time Bank" mutual assistance and old-
age care model as a clear task for the municipal government 
for the first time. Services for the aged include emotional 
comfort, assistance services, travel company, cultural and 
sports activities, health science popularization, legal aid, 
training lectures, guidance to prevent financial and network 
risks, etc. Each district will optimize the service content of 
Time Bank according to the actual situation of the elderly in 
the district, the professional characteristics and distribution of 
volunteers, etc., and launch service items that meet the 
personalized service needs and are grounded[4]. 

3. The Development of Foreign Time 
Banks 

Time Bank has a mature system abroad. The "Time Bank" 
model was first put into practice in the United States, and 
developed rapidly in constant practice. The original design 
idea of this model is mutual help between the elderly, with the 
aim of improving the quality of old-age care. With the 
continuous development of banks, the participants have been 
extended to young people. The two most representative 
concrete practices of American Time Bank: the Older 
Volunteer Service Bank and the Elderplan. In Britain, former 
Prime Minister Blair highly praised the mutual aid model of 
Time Bank. At present, there are 108 Time Banks in the UK 
with about 20,000 participants. There are two most 
representative Time Banks in Britain: StonehouseFair Shares 
and RusheyGreen Time Bank. For Japan, the aging 
phenomenon is very serious, and the government has a heavy 
burden of providing for the aged. Therefore, as an effective 
method to solve the problem of providing for the aged, the 
Time Bank model has been well developed in Japan. There 
are two most representative Time Banks in Japan: Volunteer 
LabourNetwork (VLN) and Japan Active Life Club (NALC). 
The currency in Japan Time Bank can be converted into real 
currency, that is, it can "buy" time with money and pay at 500 
yen/hour. Secondly, Japan's active life club also has obvious 
organizational structure advantages and professional 
coordinators. As it acts as a link in the whole organization, 
Japan's active life club will focus on training them and give 
them relevant professional training to better serve the 
organization. Up to now, the organization has more than 100 
branches and more than 26,500 members, which has initially 
completed the realization of mutual benefit and assistance in 
people's lives by Time Bank[5]. 

4. The Theoretical Basis and Research 
Model are put forward 

Time Bank is developed from the complementary monetary 
system-"Time Dollar" put forward by American economist 
Edgar S. Cahn, which advocates the replacement of time 



 

62 

equivalence with simple mathematical logic[6]. Foreign 
scholars unanimously agree that the Time Bank deposit 
interest formula refers to the money deposit interest formula: 
deposit interest = deposit principal ×deposit interest 
rate×deposit term, and it is concluded that time interest = 
deposit principal ×deposit interest rate×deposit term. At 
present, all the "Time Banks" established at home and abroad 
for mutual assistance and old-age care record the service time 
and service types, without taking labor intensity and labor 
value into account. After all, "Time Bank" is a carrier of 
exchange, and the basic principle of exchange under the 
condition of market economy is fairness. From the 
perspective of rational economic man, different labors in the 
same time have different intensities and technical contents, 
and labors with different intensities and technical contents 
obviously have different values, so it is unfair to measure 
them only by time. At home and abroad, the system of Time 
Banks exchanging money for time currency is relatively 
simple, only a simple conversion formula of time unit and 
currency unit, in which the parameters are not comprehensive 
and targeted. Our team will investigate, adjust and calculate 
the conversion parameters according to the economic 
development of each region, and adjust and improve the 
conversion parameters of time currency and money currency 
according to the service market economy. The economic level 
of each region is different, especially the economic gap 
between poverty-stricken areas and developed areas is 
relatively large, and there are different conversion parameters 
for different economic regions; The service intensity varies 
with the service intensity, so there are different conversion 
parameters for different service intensities. This paper makes 
an empirical analysis of the conversion parameters from three 
possible influencing factors: regional economic level, 
personal economic level and service intensity, so as to 
promote the balanced relationship between Time Bank and 
service market. Therefore, we set up a multiple regression 
model to analyze the conversion of time equation. 

5. Empirical Test and Analysis 
To investigate the basic situation of users of Time Banks in 

various parts of China, we designed the questionnaire "Survey 
of Users of Time Banks in China: Taking 20 Regions as an 
Example", randomly selected 20 regions in China, and 
conducted a questionnaire survey in these 20 regions. Our 
questionnaire started in April 2021, and as of October 2022, 
we got 257 questionnaires, of which 243 were valid. There 
are 21 questions in the questionnaire, including about 46 
information items. According to this questionnaire, the 
following information about users is finally obtained: the 
money spent by users of Time Bank, the service time obtained 
by users, the assets of users served, the economic score of 
users' region and the service intensity level (divided into 1, 2 
and 3 grades)[7]. 

Combined with the factors influencing time and currency 
conversion, this paper establishes multiple regression analysis 
on time and currency conversion according to five indicators: 
the money spent by domestic Time Bank users, the service 
time obtained by users, the assets served by users, the 
economic score of the user's region and the service intensity 
level from 2021 to 2022. Here, the amount of deposit 
consumption acquired by users when they exchange deposits 
is selected as the time and currency conversion index. 

Y=b1x1+b2x2+b3x3+b4x4+e+C 
Y means the money spent by the user (yuan). 
X1 indicates the service time (h) obtained by the user. 
X2 indicates the assets of the served users (ten thousand 

yuan). 
X3 indicates the economic GDP score of the user's region 

(tens of billions). 
X4 indicates the service intensity level (grade). 
C is a constant term, b1~b4 is an independent variable 

coefficient, and Y is self-explanatory. 
Regrassion coefficients of variables X1~X4,and e is the 

residual error. 
The values of users in each region are averaged and 

included in Table 2. 
 

Table 2. Regional Questionnaire 
region 

Shanghai 
Beijing 

Shenzhen 
Guangzhou 
Chongqing 

Suzhou 
Chengdu 

Hangzhou 
Wuhan 
Nanjing 
Tianjin 
Ningbo 
Qingdao 

Wuxi 
Changsha 

Zhengzhou 
Foshan 

Quanzhou 
Jinan 
Hefei 

Y 
21 

35.5 
71 
77 
119 
171 
150 
200 

260.5 
220 
17 
34 
52 
88 
134 
124 
171 
231 
195 

254.5 

X1 
0.5 
1 
2 
3 
4 
5 
6 
7 
8 
9 

0.5 
1 
2 
3 
4 
5 
6 
7 
8 
9 

X2 
40 
5 

16.5 
16.3 
60 

100.1 
9.7 
2.3 
39 

13.6 
2.9 

4.86 
23 
28 
61 

29.2 
10.1 
98.8 
22.7 
14 

X3 
387 

361.02 
276.7 
250.19 
250.02 
201.7 
177.16 
161.06 
156.22 
148.17 
140.83 
124.08 

124 
123.7 
121.42 
120.03 
108.16 
101.58 
101.4 
100.45 

X4 
1 
2 
3 
1 
2 
3 
1 
2 
3 
1 
2 
3 
1 
2 
3 
1 
2 
3 
1 
2 

 
First, pay attention to the correlation between independent variables. In the result output table 3, it shows that the 



 

63 

correlation coefficients between all independent variables are 
all < 0.6, and the P values are all > 0.05, so the possibility of 

multicollinearity among independent variables is small. 

 
Table 3. Correlation table 

 X1 X2 X3 X4 

X1 
Pearson correlation 

Remarkable (bilateral) 
1 
 

.141 

.552 
-.530 
.016 

-.043 
.856 

X2 
Pearson correlation 

Remarkable (bilateral) 
.141 
.552 

1 
-.024 
.920 

.426 

.061 

X3 
Pearson correlation 

Remarkable (bilateral) 
-.530 
.016 

-.024 
.920 

1 
-.112 
.640 

X4 
Pearson correlation 

Remarkable (bilateral) 
-.043 
.856 

.426 

.061 
-.112 
.640 

1 

 
Secondly, two statistics of collinearity diagnosis are shown 

in Table 4: Tolerance and VIF (variance expansion factor). As 
shown in the table, tolerance is > 0.7, and VIF is < 2. 

Therefore, the possibility of multicollinearity among 
independent variables is small. 

 
Table 4. Coefficient table 

model 

Non-standardized 
coefficient 

Standard 
coefficient 

t Sig. 
Collinearity statistics 

B 
Standard 

error 
Trial version allowance VIF 

1 
(constant) 

X1 
8.314 
27.024 

8.136 
1.523 

 
.973 

1.022 
17.741 

.320 

.000 
 

1.000 
 

1.000 

2 
(constant) 

X1 
X4 

-29.951 
27.262 
19.068 

7.301 
.831 
2.890 

 
.981 
.197 

-4.103 
32.793 
6.599 

.001 

.000 

.000 

 
.998 
.998 

 
1.002 
1.002 

3 

(constant) 
X1 
X4 
X2 

-28.367 
26.918 
15.831 
.211 

6.268 
.722 
2.746 
.078 

 
.969 
.164 
.077 

-4.526 
37.282 
5.764 
2.696 

.000 

.000 

.000 

.016 

 
.967 
.807 
.793 

 
1.034 
1.239 
1.262 

Dependent variable: y 
 

Finally, pay attention to two parameters in the collinearity 
diagnosis table 5: eigenvalue and conditional index. As shown 
in the table, all the eigenvalues are not equal to 0, and all the 

conditional indexes are < 8, so it is less likely that there is 
multicollinearity among independent variables. 

 
Table 5. Collinearity diagnosis 

model dimension eigenvalue 
Conditional 

index 
Variance ratio 

(constant) X1 X2 X3 

1 
1 
2 

1.852 
.148 

1.000 
3.536 

.07 

.93 
.07 
.93 

 
 

 
 

2 
1 
2 
3 

2.705 
.232 
.064 

1.000 
3.417 
6.523 

.01 

.02 

.97 

.03 

.75 

.22 

.02 

.20 

.78 

 
 
 

3 

1 
2 
3 
4 

3.369 
.360 
.213 
.058 

1.000 
3.060 
3.980 
7.594 

.01 

.02 

.06 

.91 

.02 

.19 

.57 

.23 

.01 

.00 

.18 

.81 

.02 

.70 

.17 

.10 
Dependent variable: y 

 
The KMO value of the model =0.287 is low, so it is not 

suitable for factor analysis. To sum up, a conclusion can be 
drawn: there is no multicollinearity among independent 

variables, which will not affect the accuracy and reliability of 
the research model, and it is suitable for regression analysis. 

Durbin-Watson test results are shown in Table 6. 
 
 
 
 
 
 



 

64 

Table 6. Summary of model 
model R R square Adjust r square Error of standard estimation Durbin-Watson 

1 .995a .991 .988 8.66892 2.652 
A. Predicted variables: (constant), X4, X1, X2, X3. 

B. Dependent variable: y 
 

Durbin-Wh other. In this study, the observed values are 
independent of each other. In fact, whether the observations 
are independent of each other is related to the design of this 

study. If the researchers aratson test value of this study is 
2.652. 

 

 
 

As can be seen from the Histogram, the standardized 
residual error of this regression is approximately normal 
distribution, but due to the influence of abscissa ratio, the 
result of histogram may be inaccurate, so we need to draw a 
normal P-P diagram for further verification. 

Normal P-P diagram is a special tool for testing the 

normality of data, with good accuracy. The closer the 
distribution of each point of the normal P-P diagram is to the 
diagonal line, the closer the data is to the normal distribution; 
If each point just falls on the diagonal, then the data is a 
normal distribution. 

For inspection results ANOVA Table 7: 
 

Table 7. Anova 
model 
Return 

Residual 
amount to 

Sum of squares 
119665.986 
1127.251 

120793.238 

df 
4 

15 
19 

mean square 
29916.497 

75.150 

F 
398.090 

Sig. 
.000b 

A. dependent variable: y 
B. Predicted variables: (constant), X4, X1, X2, X3. 

 
The results show that, P<0.001, the regression model of this 

study has statistical significance, and there is a linear 
correlation between dependent variables and independent 
variables. If P>0.05, it means that the regression has no 
statistical significance, and there is no linear correlation 
between the dependent variable and the independent variable. 

The regression equation of this study is expressed as: 
Y=b1x1+b2x2+b3x3+b4x4+C 
C is the intercept constant, and b1~b4is the regression 

coefficient. See Table 8 for coefficient analysis of intercept 
constant and slope. 

 
Table 8. Coefficient 

model 

Non-standardized 
coefficient 

Standard 
coefficient 

t Sig 

95.0% confidence interval 
of B 

B 
standard 

error 
trial version lower limit upper limit 

(constant) 
X1 
X2 
X3 
X4 

-38.868 
27.542 
.196 
.038 

16.587 

9.954 
.845 
.077 
.028 
2.740 

 
.991 
.072 
.040 
.172 

-3.905 
32.585 
2.536 
1.337 
6.054 

.001 

.000 

.023 

.201 

.000 

-60.085 
25.740 
.031 
-.022 

10.747 

-17.651 
29.343 
.360 
.097 

22.428 
dependent variable: y 

 



 

65 

 
It can be seen from the figure that the p value of X3 p = 

0.201) is greater than 0.05, and X3 has little influence on this 
study (x3 has only a slight influence on y, and only the product 
of its coefficient is substituted into the regression equation), 
and the p values of other factors are all less than 0.05, which 
has a great influence on this study. Because of this equation 
The upper and lower limits of the 95% confidence interval of 
the prediction are given in the chart above. Because of the 

instability of the observed values, the prediction interval is 
often larger than the confidence interval. The coefficients and 
constants used for prediction are the average of the sum of the 
upper and lower limits, which can make the prediction more 
accurate. The final predictive regression equation is: 

Y=27.542x1+0.196x2+0.038x3+16.587x4-38.868 
The significance of adjusted R2 and F for regression model 

is shown in Table 9. 
 

Table 9. Model Summary 
model R R square Adjust r 

square 
Error of 
standard 

estimation 

Change statistics 
R change F change df1 df2 Sig. F 

changes 

1 .995a .991 .988 8.6689 .991 398.090 4 15 .000 
Predicted variables: (constant), X4, X1, X2, X3. 

 
The adjusted R2=0.988 in the table indicates that the fitting 

degree of the fitting equation is very high, and the P value < 
0.05 indicates that the regression model is effective. 

In the final regression equation, it can be seen that the 
coefficients of X1 and X4 are large, and they have great 
influence on Y, while the coefficients of X2 and X3 are small, 
and their influence on Y is small. Every time X1 increases for 
1 hour, Y will increase by 27.542 yuan; Every time X2 
increases by 10,000 yuan, Y will increase by 0.196 yuan; 
Every time X3 increases by 10 billion yuan, Y will increase by 
0.038 yuan; Every time X4 increases by one difficulty level, Y 
increases by 16.587 yuan. Actually, the bases and variations 
of X1 and X4 are relatively small, and the product of X3 and X4 
has a relatively high influence on y, while the products of x3 
and x4 have a large influence on y. This paper analyzes the 
factors that affect the currency exchange between money and 
time currency from four aspects, and all of them have the 
same influence. Because the parameter in the quasi-prediction 
equation is negative, that is, -38.868, the price of a short 
service time is lower than that of a continuous long service 
time. In this study, the predicted Time Bank conversion 
equation is obtained, which can be used as a research project 
for reference by Time Banks in various places. 

6. Problems and Countermeasures of 
China Time Bank's Mutual Pension 
Mode 

1. Insufficient awareness of the masses 
The government's policy propaganda is insufficient or not 

in place, which is easy to cause the public's cognitive bias, 
and is not conducive to the development of volunteer service 
teams. The low social awareness greatly limits the enthusiasm 
and motivation of residents to participate in it, resulting in the 
insufficient number of participants, which has become one of 
the important constraints for the rapid development of Time 
Bank. Therefore, it is necessary to make joint efforts with the 
government to create a macro-environment conducive to 
development and expand the coverage. At present, Time Bank 
is in the development stage in China, and people in China 
don't know much about Time Bank, which requires the 
government to give full play to the role of publicity and 
supervision. The government should carry out the Time Bank 
nationwide, strengthen the publicity of the Time Bank 
mechanism among the people, make the Time Bank known 
and accepted by the public, and lay a solid mass foundation 

for the next development. 
2. Poor service team construction. 
As far as the service team structure is concerned, the 

volunteer group providing services is relatively single, and 
most of them are enthusiastic about this service, but they lack 
volunteers with strong professional skills, so they can't 
provide the aged care services with professional skills. 
Therefore, it is necessary to clarify the public welfare of the 
Time Bank to the participants, strengthen the training and 
management of the mutual-aid aged care service groups 
participating in the Time Bank mechanism, build a scientific 
management system, and form a reasonable operation mode 
of the managers, service providers and service recipients in 
the Time Bank organization, and pay attention to providing 
service ability training to service providers, so as to better 
meet the diversified needs of different service demanders. 

3. Sustainable development and restricted cross-regional 
exchange. 

At present, population mobility is an important factor to be 
considered in solving the problem of old-age care services. 
The service supply and exchange of Time Banks are often 
continuous and the service exchange is immediate, which is 
faced with the regional exchange problem caused by 
population mobility. The management and measurement 
standards of different regions are different, so whether the 
unified standard of time storage can be realized, and whether 
this old-age care service mode of Time Banks can develop 
sustainably. Therefore, On the operation mechanism, Time 
Bank can learn from the operation mode of traditional money 
banks, establish a unified operation mechanism mode 
nationwide, implement a unified institutionalized and 
standardized management, and issue a unified time currency. 

4. Lack of policies and regulations 
If the guidance of policies and regulations, unified and 

standardized guidance, and strong public trust guarantee are 
absent for a long time, it will seriously hinder the sustainable 
and stable development of mutual assistance and aged care 
services. Therefore, it is very important to issue policies and 
laws that regulate Time Banks. It is necessary for the state to 
formulate special policies and laws for Time Banks according 
to their particularity, so as to promote the further sustainable 
and healthy development of mutual assistance and old-age 
care mode under the mechanism of "Time Banks". Among 
them, labor behavior is regulated by the Labor Law and the 
Labor Contract Law, and pension is regulated by the Social 
Insurance Law and the Law of the People's Republic of China 



 

66 

on the Protection of the Rights and Interests of the Elderly, so 
as to legalize and standardize the mutual assistance and 
pension service of Time Bank[8]. 

7. Conclusion 
With the coming of an aging society, the problem of the 

elderly is becoming more and more serious, among which the 
problem of providing for the aged is particularly prominent, 
which is directly related to the life of the elderly. Therefore, 
the innovation of the old-age care model is particularly 
important, and the Time Bank mutual-aid old-age care model, 
as a supplement to the rural and community old-age care 
models, emphasizes the mutual comfort and assistance 
between the elderly. Under this old-age care model, the old 
people have the same language, similar customs, similar 
interests and get along harmoniously, which is conducive to 
strengthening the ties among members of society and building 
a harmonious society. However, the mutual pension mode of 
Time Bank is not perfect, and there are some problems, such 
as insufficient public awareness, weak service team 
construction, lack of policies and regulations, sustainable 
development and limited cross-regional exchange. Although 
some areas have begun to explore and practice, they have not 
formed a large scale in China. 

In fact, the greatest significance of Time Bank is that it 
reflects the positive encouragement of the society to be 
upward and good. Morality needs to be motivated. A person 
who is enthusiastic about public welfare may not want 
anything from public welfare. To put it simply, we should not 
only understand those who take part in public service with an 
eye to the future pension, but also respect those who do public 
welfare simply for the sake of public welfare. At least in the 
original intention of the system, we can't distinguish the two, 
and we should prevent the association that brings utility to 
public welfare. Therefore, the significance of Time Bank is 
not only to provide for the aged, but also to be regarded as an 
innovative product of social governance[9]. Facts will prove 
that respecting and maintaining its public welfare color is 
more conducive to the promotion of Time Bank and the 

improvement of pension measures. 

Acknowledgment 
This work is supported by research project of Anhui 

University of Finance and Economics (Grant 
No:ACKYC21036). 

References 
[1] Haijian Li,Wenjie Li,Ran Li.Research on the future pension 

model of China-based on the expansion path of Time Bank [J]. 
Management World .2020. 

[2] National Bureau of Statistics. Statistical Bulletin of National 
Economic and Social Development of People's Republic of 
China (PRC) in 2017 [R]. China Statistics Publishing House. 
2018. 

[3] Zichen Guan,Lei Rong,Yi Zhang.On the implementation the 
Beijing "Time Bank" program of exchanging volunteer hours 
for elderly care services [N].Beijing Business Today.2022. 

[4] Ming Li, Haijun Gao. The development of foreign Time Banks 
under the background of aging and its enlightenment to mutual 
support for the aged in China [J]. Foreign Social Sciences .2019. 

[5] Cahn ES.On LETS and Time Dollars [J].Int J Community 
Currency Res,2001,5(20):1-4. 

[6] Tongliang An,Hao Shi,Ludovico Alcorta.Observation and 
Demonstration of R&D Behavior Pattern of Chinese 
Manufacturing Enterprises--An Empirical Analysis Based on 
Questionnaire Survey of Manufacturing Enterprises in Jiangsu 
Province[J].Economic research.2006.P:22. 

[7] Siqin Li. On the Model of "Time Bank" Mutual Support for the 
Aged from the Perspective of Institutional Theory 
Development dilemma and optimization path [J].Society and 
Public Welfare.2021.P:75. 

[8] Jianguo Mao. Tianyan's commentary on world phenomena [N]. 
Tianyan News .2019. 

[9] Gong Chen,Xiaohan Wang.Research on the Problems and 
Countermeasures in the Operation of "Time Bank" Mutual 
Assistance for the Aged in China [J].Theoretical 
Journal.2020.P:132.