Abstract: The Sense of fairness and class identity are related to the realization of spiritual affluence. While the coverage of China's basic pension insurance has expanded year by year, residents' subjective well-being has shown a downward bias. Previous research has primarily focused on examining the impact of participating in pension insurance on individual's well-being, while paying little attention to the effects of continuous participation. Moreover, there has been limited consideration given to its heterogeneous effects, particularly with regards to age and hukou. Using data from the China Labor-force Dynamics Survey 2016~2018, this paper analyzes the impact of the discontinuation of basic pension insurance on the sense of fairness and expected class identity variations by age and hukou. The findings are follows:(1) the expected class identity of Chinese residents has decreased overall, and the sense of fairness and expected class identity of both youth and rural groups show a downward trend. (2) The overall disenrollment rate of basic old-age insurance is 21.9%, dominated by urban and rural residents' disenrollment, among which the disenrollment rates of youth and rural residents are higher than those of the middle-aged and elderly groups and urban residents, respectively. (3) Compared with the continuously insured residents, the discontinuation of basic pension insurance has a significant negative influence on the sense of fairness and expected class identity, and the discontinuation of urban and rural residential insurance shows a significant negative effect; the discontinuation significantly reduces the sense of fairness of the youth group and rural residents, and also has a significant negative impact on the expected class identity of rural residents. The negative effect of the high disenrollment rate of basic pension insurance offsets the welfare promotion effect of participation, which can explain to a certain extent the decreasing trend of equity and expected class identity while the participation rate increases year by year. Based on this, suggestions are put forward:improve the incentive mechanism for basic pension insurance contributions, increase the level of urban and rural residents' pension insurance benefits, and improve the participation policy for those with high rates of disenrollment from basic pension insurance.

Key words: basic pension insurance, discontinuation, sense of fairness, expected class identity