The basic old-age insurance is the top priority of the social security system, and its success or failure is related to the political and economic stability and development of a country. The following is my paper on endowment insurance for your reference.

1. Research on the reform of endowment insurance system in government agencies and institutions Abstract: The reform of endowment insurance system in government agencies and institutions in China is one of the important contents of pension reform, and it is also the focus of hot discussion. Based on the historical review and current situation analysis of the development of the endowment insurance system in government agencies and institutions in China, this paper puts forward some possible problems in China's current reform policy and puts forward some suggestions for the "merger" reform.

Keywords: government agencies and institutions; Endowment insurance; Parallel reform

20 15, 1 June, 2008, the State Council issued the "Decision on the Reform of the Endowment Insurance System for Staff in Government Offices and Institutions". The release of "Decision" marks the beginning of the long-standing social security reform of government agencies and institutions in China, which will have a far-reaching impact on the further reform of government agencies and institutions in China.

First, the historical review and current situation analysis of the reform of endowment insurance in government agencies and institutions in China

Since the 1990s, China has been trying to reform the endowment insurance system of government agencies and institutions, but there was no substantial change before the promulgation of the Decision. Looking at the establishment process of the old-age insurance system reform in the whole institutions, from the hot discussion at the two sessions in March 20 12, to the determination of the merger plan in February 20 13, to the adoption of the reform plan in February 20 14, and finally to 65438+ in March 20 15.

Second, possible problems in the current reform

Compared with the past, the latest Decision issued this time is a relatively mature reform plan, but the following problems are likely to appear in the future implementation of this reform plan:

Occupational annuity may maintain the "dual track system" of treatment, further causing fairness problems.

In China, private enterprises do not have occupational annuities, and enterprise annuities are established voluntarily. Judging from the "Decision" issued by the State Council and the "Measures for Occupational Pensions of Institutions and Institutions" issued by the General Office of the State Council, it seems that the reformed institutions and institutions will establish occupational annuities, which is creating new inequalities. In addition, the payment of occupational annuity is also flexible and may become a hidden benefit similar to subsidies. We can't help but wonder whether the real function of establishing occupational pension is just "buying money" for reform. Therefore, it seems that the fairness brought by the merger reform is only superficial.

Second, there is a great gap between ideal and reality due to the lack of legal support.

Although China has issued some guiding opinions, decisions and measures on the reform of endowment insurance system in public institutions in recent years, these are not specific laws and regulations and lack of mandatory system. On the other hand, the ideal state of reform is to establish a unified basic pension system among party and government organs, institutions and enterprises, and finally realize the merger of pension insurance systems. But in fact, individual contributions only account for a small part of pension insurance contributions, and fund payments and financial subsidies are the big ones. Moreover, the personal contribution base of party and government organs and institutions at the initial enrollment is very small. It is expected that in the short term, the pension replacement rate and payment standard of the three will not be unified. This huge gap between ideal and reality may not be conducive to the further advancement of reform.

(3) The state pays the initial cost of the reform, resulting in a financial burden.

The "Decision" pointed out that the reform should be carried out simultaneously with the improvement of the wage system, and individual contributions should be implemented while increasing wages. It is true that in order to carry out the reform smoothly, the state should pay the initial cost of the reform, but the increase in the salaries of personnel in government agencies and institutions will undoubtedly increase the financial pressure on the state. In addition, the new word "deemed payment period" is mentioned in the reform, so who will pay the money behind "deemed payment"? In the end, it may be government funding, which undoubtedly increases the financial burden.

Three, about China's institutions endowment insurance "merger" problem.

First, establish the entry threshold for occupational annuities and gradually reduce occupational annuities.

In view of the above-mentioned problem that the establishment of occupational annuity may maintain the dual-track system of treatment, it is suggested that relevant departments can enjoy enterprise annuity conditionally and restrictively by setting entry threshold or adopting explicit conditions. In addition, it is more desirable to gradually reduce the "replacement rate" by reducing the proportion of occupational annuity contributions year by year than to suddenly reduce it sharply.

Second, improve the relevant legal system, separate at the initial stage and unify gradually at the later stage.

Speeding up the construction of the legal system for the reform of the endowment insurance system in government agencies and institutions, perfecting the corresponding supporting punishment measures, and establishing the compulsory nature of the system by laws and regulations can not only provide strong support for the reform, but also solve the problem of arbitrariness in the reform process. In addition, the "decision" implements the management of two lines of revenue and expenditure, and links with the actual situation in China on the basis of earmarking. It is suggested that the party and government organs, institutions and enterprise pension funds should be used separately in the early stage of reform, and the replacement rate and payment standard of the three should be gradually unified when the reform has achieved certain results, so as to narrow the gap between the ideal goal and reality.

Third, improve the treatment in a targeted manner and actively promote the marketization and socialization of personnel in public institutions. First of all, the so-called "perfect wage system" does not require a sudden and substantial coverage of all personnel. First, we can raise the salary level of personnel in government agencies and institutions and grass-roots personnel in underdeveloped areas. Secondly, it can reduce unnecessary financial waste by explicitly prohibiting local governments from distributing subsidies at will and clearly formulating salary standards for personnel of government agencies and institutions at all levels. Finally, the integration of pensions and the reform of personnel system in institutions and institutions can be carried out at the same time, so as to realize marketization and socialization, thus alleviating the financial pressure brought about by the reform more actively and effectively.

Four. abstract

Although there may be some problems in the implementation of the reform, these cannot deny the positive effects of the integration of the old-age insurance system on the reform of public institutions. I believe that with the deepening of reform, the endowment insurance system of government agencies and institutions in China will be more perfect!

Author: Wang Jing Unit: Shanghai University Law School

References:

Marco Lin. Feasibility study on the integration of government institutions and enterprise endowment insurance system [D]. Jilin University, 20 14.

[2] Chu Anshi. Research on the reform of endowment insurance system in government agencies and institutions [J]. Northern Economy and Trade, 20 1503:20-2 1.

[3] Qiyuan Zhang. Accurately understand the reform of endowment insurance system in public institutions [J]. * * * Member, 20 15, 04: 32-33.

[4] Yan Zhi. On the perfection of the reform scheme of the endowment insurance system in public institutions in China [J]. Legal Expo, 20 1602: 193.

2. Discussion on the reform of the old-age insurance system in China Abstract: The old-age insurance in China is facing some problems, such as too small fund scale, unbalanced structure relying on a single pillar, low return on investment, and challenges to sustainable development. Through the study of Chile, Sweden and the United States, I can learn from the following experiences: establishing a multi-level three-pillar structure to ensure the coordinated and healthy development of the three pillars, so as to realize the multi-objective strategy of endowment insurance; Relax pension investment restrictions, introduce market-oriented operation, and improve pension returns; Improve the participation of the insured and give play to the subjective initiative of the insured; Promote the coordination of reform with other reforms.

Keywords: population aging; Reform of endowment insurance system

In 20 15 years, the dependency ratio of the elderly in China has reached 7.7∶ 1. In the future, the speed of population aging and the dependency ratio of the elderly will increase rapidly. It is estimated that the dependency ratio of the elderly in China will reach 3∶ 1 in 2035, exceeding the current level in western Europe, and will surpass the United States in 2040, and the aging situation is grim. In order to ensure the old people have a sense of security, it is necessary to reform the old-age insurance system in China and make strategic arrangements in advance for the challenges of the aging population in the future.

First, China's old-age insurance system problems

1. The pension fund is too small and its structure is unbalanced.

1. There are too few pension funds. According to the data of the National Bureau of Statistics, by the end of 20 14, the stock of the basic endowment insurance fund for urban workers in China was 3180 billion yuan, and the stock of the endowment insurance fund for urban and rural residents was 384.5 billion yuan, totaling 3,564.5 billion yuan, forming the first pillar of China's endowment insurance. The accumulated balance of enterprise annuity fund is 768.9 billion yuan, forming the second pillar of endowment insurance. These two pillars constitute the cornerstone of China's old-age insurance. In addition, China established the National Social Security Fund in August, 2000, which is a national social security reserve fund to raise funds through central financial allocation and state-owned capital transfer, in order to cope with social security expenditures such as endowment insurance during the peak period of population aging. At the end of 20 14, the assets of the national social security fund1535.6 billion yuan. The total amount of these funds is 5869 1 100 million yuan, equivalent to 9.2% of GDP in 20 14 years, which is obviously too small. Compared with the world and other countries, the ranking is also significantly lower.

2. Structural imbalance, relying too much on the first pillar. For a long time, the first pillar, which consists of the basic endowment insurance for urban workers and the endowment insurance fund for urban and rural residents, occupies an absolute proportion in the sources of endowment insurance funds. In 20 14, the basic old-age insurance for urban workers and the old-age insurance for urban and rural residents accounted for 60.7%, and the national social security fund accounted for 26.2%. The first pillar * * * accounts for about 87%, while the enterprise annuity as the second pillar only accounts for 13%. It can be seen that the structure of the three pillars of China's endowment insurance is unbalanced, relying too much on the first pillar, and the other two pillars have not developed gradually.

Second, the asset allocation is conservative, and the overall rate of return is too low, which has not played a role in maintaining and increasing value.

The national social security fund can make overseas investment because of its wide investment scope and small constraints, and the upper limit of high-risk asset allocation is 40%. Since its establishment, the average annual return on investment has been 8.7%, which is significantly higher than the inflation rate. The investment scope of social insurance funds, basic endowment insurance for urban workers and endowment insurance funds for urban and rural residents, which account for the largest proportion, is limited to national debt and bank deposits. Although the risk is low, the income is poor. When inflation is high, there is a risk that this part of the funds will shrink. Take 20 1 1 as an example, the price rose by 5.4% year-on-year, while the interest rates of bank deposits and government bonds were around 3% in the same period, so the real rate of return of social insurance funds in that year was negative. From the international comparison, the rate of return of China's social security fund is also significantly lower than that of other countries. According to OECD statistics, in 20 14 years, the real rate of return of Dutch pension funds reached 13.5%, ranking first, which was more than 5% different from that of 2/3 national pension funds. In contrast, the yield of China's basic old-age insurance fund may be only 3% based on the deposit interest rate of 1 year. After deducting the influence of inflation, the real rate of return is only 1%. According to the weighted average of three social security funds, the annual rate of return of social security funds in China in 20 14 years is 4. 1%, and the actual rate of return is only 1.5%, which is far lower than other countries.

Third, relying on financial subsidies and invisible debt funds, the demand is huge and the sustainability is worrying.

At present, China's pension funds seem to be well funded, but the actual situation is not optimistic. In recent years, a large part of pensions have come from financial subsidies. Since 1997 established the unified account system, the amount of state financial subsidies for endowment insurance has climbed from 200 million yuan in that year to 1999 to 168 billion yuan, and reached 1 157 billion yuan in 2007. On the whole, as of 20 14, all levels of finance * * * subsidized 2 trillion yuan of old-age insurance, exceeding 50% of the total balance of 3,564.5 billion yuan. The sustainability of this pension system relying on financial blood transfusion is worrying. Another problem of sustainable development is that, in addition to clear accounts, pension insurance also has invisible debts, and there is a huge demand for funds in the future. China Academy of Social Sciences released the report "Prediction and Calculation of Invisible Debt under the Current Unified Account Integration Mode" in 20 14. Based on 20 12, the scale of invisible debt under the unified account integration system for urban employees' basic old-age insurance reached 86.2 trillion yuan, equivalent to 166% of GDP in that year, and the funding gap was huge.

Second, the experience of foreign pension insurance reform

At present, the problems existing in China's endowment insurance and the challenges it will face in the future are also problems and challenges that many countries in the world have experienced in the past. The practices and experiences of these countries in solving problems and meeting challenges have important reference value for the reform and design of China's old-age insurance system.

Chile: Establish a three-pillar model and introduce competitive management of pension funds.

Chile's old-age insurance reform is regarded as a model of social security reform because of its distinctive characteristics and remarkable effects, and it has also received extensive attention around the world.

1. Establish a three-legged model. In the reform, Chile has developed the pension system from a single pillar structure to a three-pillar structure: the first pillar is aimed at the poor, mainly by * * *, to establish a minimum guarantee for the society; The second pillar is the personal account pension plan, which is the main body of the three pillars, and the third pillar is the voluntary personal savings plan, which provides tax incentives for voluntary pension savings. The three-pillar structure provides a multi-level and flexible old-age insurance system for Chilean society, which makes the old-age insurance system enough to cope with different and conflicting goals such as poverty alleviation and stable consumption.

2. The five participants have their own duties and a clear division of labor. In Chile's pension insurance system, the minimum income is guaranteed, the pension fund management company AFPs strives to achieve a high return on investment, and the pension fund management and supervision bureau SAFP supervises the industry order and formulates detailed rules. Insured persons can choose AFP to manage personal pension accounts according to their own wishes, and can transfer between different AFP four times a year, and the central bank acts as the fund custodian to ensure the safety of funds. These five parties have their own functions and a clear division of labor, so the whole system can finally operate efficiently. In particular, Chile introduced AFPs, an old-age insurance fund management company, in the reform of the old-age insurance system, which managed the old-age pension competitively and greatly improved the return on investment. Since its establishment, the average annual real rate of return of pension has reached 5%, which has played a role in maintaining and increasing value. It is also under the impetus of good system design that during the period of 1985 ~ 1995, the proportion of Chilean pension funds in GDP increased from 10% to 43%.

Sweden: Establish a national pension fund and introduce a nominal account.

Since 1970s, Sweden has entered an aging society, with the population over 65 accounting for more than 17%. In addition, the supply of labor force is insufficient, and the source of pension funds is declining, so the pension insurance system of the whole country is facing a sustainable crisis. In order to overcome the difficulties, Sweden passed the pension insurance reform bill from 65438 to 0999, which not only constructed the three-pillar system and market-oriented management of pension funds, but also creatively introduced the "nominal account".

1. Establish a national pension fund and introduce market-oriented management. In order to avoid national financial risks and ensure the operation of pay-as-you-go mode, Sweden has established a buffer fund for the balance of the old system. These buffer funds are invested by several funds AP 1-AP4 and AP6 in non-listed companies, managed in a market-oriented way, spreading risks and encouraging competition.

2. Introduce personal accounts. Nominal account is a mixed model of pay-as-you-go system and accumulation system, fixed income type and fixed payment type. 16% of the salary transferred to the income pension plan is used to pay the current pension for the elderly. At the same time, this part of the payment will also be included in the insured's personal name account, but there is no real capitalization and accumulation in the amount, which is the basis for individuals to receive pensions when they retire. That is to say, the financing method is pay-as-you-go system, but when drawing pension, the payment standard of pension is strictly implemented in accordance with the rules of "fixed contribution accumulation system" in principle. Nominal accounts concentrate the advantages of various pension systems and attract the attention of domestic experts and scholars.

Third, the United States: the multi-level pension system forms multiple guarantees

The American social security pension system has a history of hundreds of years, but the private sector defined contribution DC plan has developed rapidly in recent decades. After long-term development and constant adjustment, the United States has formed a multi-level pension system, which provides multiple guarantees for residents' pension and has a far-reaching impact on the whole society and financial market.

The three-legged structure of 1. and the combination of DB and DC provide enough flexibility and diversified choices. In the three-pillar structure of the United States, the first pillar is the * * * compulsory pension plan, which implements the pay-as-you-go system and is organized and implemented by the federal government, covering basically all employed people; The second pillar is the pension plans of public and private employers. The private sector pension plan was basically a fixed-income DB before 1970s, while the DC with fixed contributions developed rapidly after 1970s, and soon exceeded the scale of the DB plan. The third pillar is the personal savings pension plan, which is entirely voluntary by individuals. According to the current regulations in the United States, all people under the age of 70 who have income can open IRA, regardless of whether they have participated in other pension plans.

2.40 1k plan has aroused the enthusiasm of enterprises and employees, and has become an important part of American pension system. 40 1k plan is one of the supplementary pension insurance plans. It adopts DC style, employees and employers pay the same fees, personal accounts are accumulated, taxes are deferred, and employees can choose their own investment methods. It has become the preferred social security plan for many private sector employers in the United States. First of all, through the preferential tax policy of individual payment, the system design of the state, enterprises and individuals sharing the responsibility of providing for the aged for employees is realized. Secondly, through strong supervision and punishment of early withdrawal, savings are effectively encouraged. Third, the management of personal accounts and employees' investment options has greatly mobilized the enthusiasm of enterprises and employees to participate in the 40 1k plan.

3. Form a virtuous circle with the capital market. In 1970s, American capital market was relatively mature, laws and regulations system was sound, and investment tools were abundant. The asset allocation of DC-style pension plans in the private sector in the United States has shifted from deposits and bonds to stocks and mutual funds. In recent years, stock investment has declined, mainly to * * * mutual funds. From 1978 to 20 13, the scale of American private sector DC pension plan has expanded 44 times, with an average annual growth rate of 29%. By the end of 20 13, 50% of assets were invested in the same fund, 26% of assets were directly invested in stocks, and the total proportion of bonds and bank deposits was only 10%. Pensions entering the capital market not only achieve the purpose of maintaining and increasing value, but also introduce stable investors to the capital market, which is helpful to promote the healthy development of the market. Pension appreciation and capital market development promote each other and form a virtuous circle.

Three. Enlightenment to China

First, establish a multi-level three-legged structure

From the experience of the three countries, a multi-level pension insurance system has been formed, which provides multiple guarantees for individual pension and realizes multiple goals of the pension insurance system, especially in the United States. The first level of American old-age insurance system is compulsory basic insurance with low security and high limit, which plays a role in protecting social stability and maintaining basic life. The second level is the employer pension plan in the public and private sectors. Choosing the DC-style 40 1k plan as the main push gives individuals the right to choose asset allocation, which helps to mobilize the enthusiasm of participants. This multi-level structure ensures that multiple goals of endowment insurance can be achieved at the same time. For example, the first pillar can be used for social transfer payments to reduce poverty; The second pillar can encourage the elderly to save and curb consumption. Establishing a multi-level and diversified three-legged structure is the direction that China should strive for. In addition, the three pillars need to develop in a coordinated manner and cannot rely too much on a single pillar. At present, the proportion of the first pillar in China is too high, which hinders the development of the second pillar. In the future, we can consider appropriately reducing the proportion of the first pillar.

Second, relax restrictions on pension investment and introduce market-oriented operation.

1. Relax investment restrictions. Safety is the first principle of capital operation, but reducing risks and improving returns are not omnipotent. Taking the aforementioned countries as an example, properly entering the risky capital market often has a better effect of maintaining and increasing the value of pensions. It is the general trend to gradually relax the investment scope of funds, including increasing the investment ratio of stocks and stock funds and allowing investment in overseas assets.

2. Introduce market-oriented operation. Professional investment management institutions are responsible for the management of pension funds in the three countries. At the same time, many management institutions are introduced for competitive management, and fund managers or fund products are selected for global investment, thus ensuring the preservation and appreciation of funds.

Third, increase the participation of policyholders.

At present, in China's pension fund management, the participation of policyholders is almost zero. As the payer of the security fund, he can't participate in the management of the fund he pays, which will undoubtedly reduce the enthusiasm of individuals to participate in the insurance. In contrast, in the American private DC plan, individuals have considerable investment options; In Chile, the insured can freely choose from a number of AFP, with four adjustment opportunities every year; In Sweden, the extra-insured pension plan adopts a self-management mechanism, and can only be managed in the AP7 fund if it is not actively selected. It is the high sense of participation that makes residents willing to participate in the old-age insurance plan and put the funds into the fund account.

Four reforms and other reforms * * *

Most importantly, the reform of the old-age insurance system is not isolated and needs to be promoted together with other reforms.

1. and the reform of state-owned enterprises complement each other. Historically, the reform of state-owned enterprises and the reform of endowment insurance system are complementary. Since the 15th National Congress of the Communist Party of China, the reform of state-owned enterprises has entered a crucial stage. In view of the increase of laid-off workers in the reform of state-owned enterprises and the adjustment of industrial structure, the CPC Central Committee has made a major decision to ensure that the basic livelihood of laid-off workers in state-owned enterprises is guaranteed and the basic pension for enterprise retirees is paid in full and on time, that is, "two guarantees". Social security has made great contributions to the reform of extricating state-owned enterprises from difficulties and played an important role in maintaining social stability. At present, the reform of state-owned enterprises has reached a critical stage, and the social security fund is enriched by allocating more shares of state-owned enterprises. On the one hand, it has increased the social security fund reserve; On the other hand, the entry of social security funds into state-owned enterprises is conducive to promoting the reform of state-owned enterprises and is expected to improve the governance level of state-owned enterprises.

2. Mutual premise with financial reform. At present, China's old-age insurance system still exists such phenomena as urban-rural division, group division, regional division and management division. Among them, the current situation of regional division and management division is closely related to China's financial system. If the financial system reform is not promoted, the reform of the endowment insurance system will also be very difficult.

3. Mutual promotion with capital market reform. Pension funds need to maintain and increase value in the capital market, and the capital market also needs social security funds as the largest and most stable institutional investors to improve efficiency and maturity. Therefore, on the one hand, it is necessary to increase the proportion of social security pension funds investing in risky assets; On the other hand, we should also strengthen the construction of the capital market system and protect the rights and interests of pension funds in the capital market.

Author: Cao Unit: Institute of Economics, Bureau of Guanghua School of Management, Peking University.

References:

[1] Lou Jiwei. Establish a fairer and more sustainable social security system [N]. People's Daily, 2015-12-16.

[2] Nicholas? Barr, Peter? Diamonds Pension reform: theoretical points [M]. Beijing: China Labor and Social Security Press, 20 13.