Endowment insurance is an important part of security, and pension fund is an indispensable condition in endowment insurance. At present, the management and raising of endowment insurance fund is an urgent problem to be solved. In this paper, some problems existing in the endowment insurance fund are deeply discussed, and the countermeasures to solve these problems are put forward.

Keywords: endowment insurance fund; Problems; Countermeasures

In today's increasingly aging society, providing for the aged has become an inevitable problem for the whole country and society. In order to ensure people's life after retirement, endowment insurance came into being. The so-called old-age insurance refers to the social insurance system established by the state and society according to certain laws and regulations to solve the basic livelihood of workers after they reach the legal age to terminate their labor obligations or quit their jobs because of old age. Endowment insurance plays an important role in safeguarding people's lives and social stability. However, due to the underdeveloped social endowment insurance system in China, there are inevitably some problems.

First, the problems existing in China's endowment insurance at this stage

Raising endowment insurance fund

China's current social endowment insurance fund adheres to the principle of shared burden by the state, enterprises and individuals, and is raised according to the principle of "fixed expenditure based on income, slight balance and partial accumulation". However, the coverage of pension funds is narrow, and most of them are paid by powerful enterprises and institutions. Driven by interests, some private units and private enterprises default or even evade the scope of payment, and many loss-making enterprises are unable to pay on time. Rural endowment insurance is still in its infancy, and there are many problems. Through the principle of financing, we can see that the social endowment insurance fund is shared by three parties, but it benefits individuals and reduces the enthusiasm of enterprises to pay fees. At present, there is no clear law requiring enterprises to pay funds, and some newly established enterprises have no social security, making it more difficult to raise endowment insurance funds. In the aspect of endowment insurance fund raising, the intergenerational support principle that the "working generation" supports the "retired generation" increases the payment burden of individuals and enterprises.

(b) management of pension funds

The endowment insurance fund of public institutions is closely related to finance, and endowment insurance is easy to be misappropriated and defaulted. Due to some differences in economic development, population structure and income treatment in different regions, in order to prevent the inflow of foreign personnel, the transfer of funds from individual accounts of insured persons across regions is generally strictly restricted. This long-term management pattern makes the social security agencies in all co-ordination areas only manage the relevant situation of the insured in their own areas, without asking whether the insured has been insured in different places. Coupled with more and more fraudulent insurance and early retirement, the management of pension funds has been covered with layers of fog.

(3) Issuance of endowment insurance funds

In terms of pension payment, it is influenced by position and retirement time. People with high positions pay more and enjoy more pensions, while people with low positions do the opposite. Employees who retire early pay less and enjoy less pension. People who retire late are the opposite. It is this reason that causes some inequality and imbalance in pension payment.

Preservation and appreciation of endowment insurance fund

In terms of maintaining the value of old-age insurance, although China has stipulated that social pooling should be combined with individual accounts, at present, most of the old-age insurance premiums in China are used to pay current pensions. For the remaining funds, the government stipulates that in addition to retaining the payment for two months, 80% of the remaining amount must be purchased in government bonds or deposited in banks, and the interest will be used for future pension payment. Affected by inflation, these incomes are very small, so the balance of old-age insurance is constantly depreciating, and personal accounts are empty, which will inevitably bring a heavy burden to future old-age insurance.

Second, China's old-age insurance system reform proposals

Raising endowment insurance fund

Reform the current way of raising endowment insurance funds, and establish the endowment insurance fund raising system with China characteristics. The goal of the reform is to establish the basic principles of adapting to the requirements of the development of socialist market economy, reflecting the matching of fund collection and treatment payment, combining social pooling with personal accounts, corresponding rights and obligations, and linking fairness with efficiency, and realizing the collection system of endowment insurance funds for urban workers through various sources of funds.

(b) Pension Fund management

A national pension system should be established as soon as possible. This can prevent the insured from enjoying pension benefits only in a certain area but not across regions when they retire. For the old-age insurance that cannot be transferred or is unwilling to be transferred to other areas as a whole, when the parties reach the legal retirement age or their accounts move out of the local area, they should also be allowed to receive personal account deposits. At the same time, it is necessary to improve the relevant system of labor security of governments at all levels and take reward and punishment measures to effectively avoid misappropriation and default of pension funds.

(3) Payment of endowment insurance fund

First of all, enterprises that normally pay endowment insurance premiums should pay their pensions in full and on time, and balance allocation is not allowed. Enterprises that have the ability to pay on time should actively make reminders, and in addition to investigating the responsibilities of relevant personnel, they should also collect late fees according to regulations. For enterprises that are really unable to pay, the labor departments and social insurance departments at all levels should go through the formalities of deferred payment in time to ensure that retirees' pensions are paid in full and on time, and shall not be reduced, stopped or delayed for any reason. Secondly, the average level of local society should prevail. Increase the adjustment of funds, so that the income gap will not be too wide, and fully reflect the advantages brought by the security system.

Preservation and appreciation of endowment insurance fund

First of all, governments at all levels should increase investment in endowment insurance funds to solve the problem of insufficient funds. Secondly, establish a pension fund investment system that can effectively control risks and investments, invest in those investment fields with relatively small risks and relatively high returns, and increase the sources of funds. Song Xiaowu, director of the Macroeconomics Department of the State Council Economic Restructuring Office, suggested setting up a special fund management company to manage and operate personal accounts, so as to maintain and increase the value of personal account funds.

(E) Rural endowment insurance fund problem

Since 1999, rural social endowment insurance has entered the stage of rectification and standardization, but most places have not responded accordingly, and the fund raising, management and distribution are not standardized. First of all, in terms of fund raising, most rural endowment insurance funds are not paid by enterprises, but by myself voluntarily, which violates the basic nature of social endowment insurance, and this unilateral payment method is more inclined to commercial insurance. However, due to the limitation of funds, farmers default and evade paying the endowment insurance fund, which not only increases the burden on farmers, but also causes the imperfection of the endowment insurance system. Even if farmers pay insurance on time and in quantity, misappropriation by local governments is rampant. Therefore, we must first alleviate the poverty of the elderly in rural areas; Secondly, we should improve the fund management system and realize the preservation and appreciation of the fund; Thirdly, pension funds should maintain the original interest rate to prevent losses caused by interest rate cuts. Only in this way can we encourage more farmers to pay pension funds. At the same time, through publicity and education, farmers are allowed to voluntarily pay the endowment insurance fund.