Abstract: Based on the data of CHIP2013 and CHIP2018, this paper uses fuzzy regression discontinuity method to study the impact of the New Rural Pension Scheme (NRPS) on the labor participation rate and labor time of elderly rural residents. Unlike previous studies that only focused on the impact of the NRPS on agricultural labor participation rate or labor time, the paper comprehensively examines its impact on the total labor participation rate, different types of labor participation rates and the corresponding labor time, especially the long-term impact that has not been analyzed in previous studies. The paper found that under the current situation that the level of the new rural insurance pension is still low, receiving the pension only makes the rural elderly switch jobs between different types of labor, while hardly affecting the total labor participation rate, with heterogeneity between the short-term and long-term impacts. Short-term changes in agricultural labor participation rates as well as labor hours are insignificant and only significant in the long run. The decline in agricultural labor participation rate and labor time stems from the decrease in land area under operation. Social pensions change from crowding out to crowding in on family pensions. The effects of pension receipt on health care expenditures, household savings, and subjective well-being of the elderly are not statistically significant. The impact of population ageing on labour supply should be addressed by accurately positioning the basic pension insurance system and reforming the retirement age policy.

Key words: new rural pension scheme, labor participation rate, labor time