Our reporter Han Bingzhi
With the obvious development trend of global aging, the "three-pillar" model is becoming the mainstream choice for the reform of pension systems in various countries.
The Central Economic Work Conference proposed to standardize the development of the third-pillar pension insurance.
What is the three-pillar model?
China’s multi-level pension insurance system consists of three pillars. The first pillar includes basic pension insurance for urban employees and basic pension insurance for urban and rural residents, which is led by the government; the second pillar, enterprise annuities and occupational annuities, is related to Professional relevance, supplementary endowment insurance guided by national policies, participation of units and employees, market operation management, and government administrative supervision; the third pillar includes personal savings endowment insurance and commercial endowment insurance, which is an effective way for individuals to use financial means to increase the supply of endowment insurance form.
"The higher the degree of marketization of the'three pillars' of the multi-level pension insurance system, the more beneficial it will be for the insured to lead a decent old-age life after retirement." Chu Fulin, director of the Social Security Research Center of Central University of Finance and Economics, accepted the Economic Daily The reporter said in an interview that the current development of my country's pension insurance system is not balanced. Compared with the first and second pillars, the third pillar has a low proportion. Personal savings pension insurance and commercial pension insurance need to be fully developed.
"Commercial insurance companies should improve the level of management services, especially while broadening service areas and increasing the attractiveness of fund products, while ensuring fund safety, ensuring that products can help achieve the goal of'providing the elderly' and making investors more assured." Chu Fulin said.
At the same time, with the completion of the provincial-level pension insurance plan, the reform of the pension insurance system has entered a critical year.
As each province realizes the unified income and expenditure of the basic pension insurance fund at the provincial level by the end of 2020, the next goal is to achieve national pooling of the fund.
"Achieving the national overall planning of pension insurance is a strategic choice. It is a need to increase the scale effect of the fund, enhance the ability to resist risks, and ensure the sustainable and healthy development of the pension insurance business." In Chu Fulin's view, the national overall plan will avoid the need for regional pensions. The gap, to resolve the contradiction of the imbalance of pension insurance.
When talking about how to realize the national overall planning of pension insurance as soon as possible, Chu Fuling believes that on the basis of summarizing the experience of the provincial-level overall planning and the central adjustment fund system, according to the principle of easy first and then difficult, and steadily advancing, the national overall planning of pension insurance shall be realized gradually and as soon as possible. Specific ideas include: unifying pension insurance payment methods, especially pension insurance payment rates; unifying and regulating the calculation and payment methods of pension insurance benefits; creating conditions to gradually realize the vertical management of pension insurance; establishing a centralized and shared pension insurance information network.
"The series of measures have consolidated the foundation for the realization of national overall planning, and are also the country's confidence to introduce large-scale reduction and exemption measures." Qi Tao, deputy director of the Pension Insurance Department of the Ministry of Human Resources and Social Security, said that responding to sudden outbreaks reflects the necessity of implementing a national overall planning system. Sex and urgency.
In accordance with the requirements of the central decision-making and deployment, the Ministry of Human Resources and Social Security will promptly advance various preparations, realize national overall planning as soon as possible, and promote long-term sustainable development of the system.
Focusing on the preservation and appreciation of pension funds, pension insurance fund investment is also speeding up and expanding.
The recently released "Basic Pension Insurance Fund Entrusted Operation 2019 Annual Report" shows that since the official launch of market-oriented investment operations at the end of 2016, the accumulated investment income has reached 85.069 billion yuan, which has better achieved the goal of maintaining and increasing value.
According to data released by the Ministry of Human Resources and Social Security, as of the end of the third quarter of 2020, 24 provinces have initiated fund entrusted investment, with a contract amount of 1.1 trillion yuan, and a credit of 975.7 billion yuan, of which 21 provinces have initiated entrusted investment work for urban and rural residents' pension insurance funds.
Since 2018, my country’s corporate pensions have maintained an increase of about 5% for three consecutive years.
Retirees pay much attention to how and how much pensions will rise in 2021.
Entering 2021, local-level urban and rural residents' pension adjustment plans have been released one after another.
Among them, Shanxi Province has made it clear that starting from January 1, 2021, on the basis of the unified basic pension insurance system for urban and rural residents across the province, a supplementary pension insurance system for urban and rural residents will be implemented.
In Chu Fulin's view, pension adjustments are related to various factors such as urban and rural residents' income growth and price changes. They should be adjusted appropriately in time to ensure that the level of purchasing power does not decrease.
"The adjustment of pension benefits must follow three principles, namely, guarantee basic living, moderate sharing of development results, and fund affordable." Chu Fulin said that the establishment of a pension adjustment mechanism requires consideration of the relationship between rising demand for pensions and financial affordability. , On the one hand, ensure that the adjusted pension can maintain its basic life and appropriately share the fruits of social and economic development; on the other hand, it must ensure that the finances are affordable and the system is sustainable. Taking into account the rigidity of the increase in benefits and the long-term operation of the system, care must be taken to avoid "Yin eat Maoliang".