Ministry of Human Resources and Social Security: It is fully guaranteed that the national pension will be paid on time and in full. The cumulative national balance has exceeded 5 trillion yuan.

China News Agency, Beijing, March 6 (Reporter Liang Xiaohui) At a special press conference on the 6th, Nie Mingxuan, director of the Department of Endowment Insurance of the Ministry of Human Resources and Social Security of China, stated that the central government can fully guarantee that pensions are paid in full and on time. It can also guarantee the long-term sustainability of the system.

Last year, China implemented a comprehensive plan to reduce the social insurance premium rate, which reduced a total of 425.3 billion yuan (RMB, the same applies hereinafter), of which 291.5 billion yuan in pension insurance reduction. The implementation of the phased reduction and exemption of three social insurance unit payment policies for enterprises this time will reduce at least 500 billion yuan of corporate social insurance costs, of which the pension insurance fund is expected to reduce over 470 billion yuan.

"In the past two years, large-scale pension reduction, exemption, mitigation, and reduction policies have been continuously introduced. It is inevitable that some comrades are worried that the pension insurance system will be sustainable and can be fully paid in the future. The central government has made this decision carefully. It has been considered and repeatedly calculated, and there are also comprehensive response measures, which can fully guarantee the timely and full payment of pensions, as well as the long-term sustainability of the system, which can not only guarantee the current, but also the long-term. "Nie Mingzhang said.

Nie Mingchen pointed out that the pension system is sustainable in the long run. First, the fund has accumulated. Since the reform and opening up, benefiting from China's rapid economic development, pension insurance has accumulated a relatively solid material foundation. As of the end of 2019, the accumulated balance of the basic old-age insurance fund for enterprise employees across the country was 5.09 trillion yuan, and the overall support capacity was strong.

Second, there are adjustments across provinces. The central government's transfer ratio this year increased from 3.5% last year to 4%. The scale of transfers will reach 740 billion yuan, and the transfers across provinces will exceed 170 billion yuan. Support for the provinces with difficulty in guaranteeing distribution will also increase accordingly; especially considering the impact of the epidemic, more support will be given to Hubei Province.

Third, there are financial subsidies. In recent years, the central government has continued to increase subsidies for basic pension insurance funds. The focus is on tilting the central and western regions and old industrial bases where fund revenue and expenditure are more prominent. In 2019, the central government subsidies will reach 526.1 billion yuan. Further increase. At the same time, local governments at all levels are further adjusting the structure of fiscal expenditures and increasing subsidies for endowment insurance.

Fourth, there are long-term reserves. Since the beginning of this century, the central government has taken precautions and established a social security strategic reserve fund. At present, the scale of the fund has reached more than 2 trillion yuan. In particular, in order to further enhance the sustainability of the social security fund, the transfer of some state-owned capital to enrich the social security fund has been fully launched in 2019. As of the end of 2019, the central level has completed the transfer of 1.3 trillion yuan of state-owned capital. (Finish)