As far as the population structure of China is concerned, China has entered an aging society. In order to ensure the basic livelihood of the elderly population, it is urgent to raise more pension funds. Although as early as 199 1 Notice of the State Council on Deepening the Reform of the Old-age Insurance System for Enterprise Employees (Guo Fa [1995] No.6), one of the goals of the reform of the old-age insurance system is to establish a multi-channel old-age security system, but at present, the financing scope of the old-age insurance fund in China is still narrow, and the main sources are the national budget and the productive income collected by enterprises outside business. Moreover, the state does not encourage people to save more pensions, while some developed countries in the world, such as the United States and Japan, encourage people to save more pensions to reduce the financial burden of the state. With the aging of our society, if no measures are taken, the financial burden of our country will become heavier and heavier.
The administrative management system does not match the pension system.
First of all, at present, the overall level of social endowment insurance in most parts of China is low, mainly because the administrative mode of endowment insurance in China is territorial management, that is, the city (county) endowment insurance agency is managed by the local government, so the city (county) endowment insurance agency will inevitably become the first choice for the interests of local governments. The goal of provincial government's overall planning is to comprehensively balance the interests of cities (counties) and industries in the province. Therefore, there is a conflict of interest between provincial endowment insurance institutions and city (county) endowment insurance institutions, which makes it difficult to make overall planning at the provincial level and even more difficult at the national level. On 20 11July1day, the State Council started the pilot project of endowment insurance for urban residents, with the goal of covering 60% of the whole country and covering the whole country by 20 12. Obviously, China's social endowment insurance will be a perfect transformation in quantity, but after the above analysis, we can easily find that this hierarchical administrative management system makes it difficult for provincial and national overall planning to achieve a "qualitative" leap.
Secondly, because the social security department is responsible for the collection, expenditure and management, it causes the waste of administrative personnel. The social security department is responsible for the policy formulation, fee collection, investment operation, supervision and investigation of China's social endowment insurance. The Social Security Bureau organizes a group of professionals to conduct financial accounting and employee salary monitoring, and investigates, audits and summarizes all enterprises through professional collection and management software. This process has caused extra expenditure of social security funds, and even more than 40% of social security funds in some places have been wasted as administrative funds. Compared with China, in Chile, Singapore, the United States and other countries, the collection of pensions is operated by the tax authorities and invested by independent government or private fund management companies. Finally, the social security department is responsible for the expenditure of endowment insurance and the formulation of policy standards.
The existence of the dual-track system has caused unfairness.
There is a big difference in the design and operation between the endowment insurance system for employees of government institutions and urban enterprises in China, and there is a dual-track phenomenon. In the 1990s, the pension insurance for employees in urban enterprises initially established a partial accumulation system combining social pooling and individual accounts, that is, the pension expenses of contemporary people consist of two parts. Part of it is social pooling, that is, intergenerational transfer payment, and the other part is a certain proportion of contemporary wages. However, the old-age insurance system of government agencies and institutions still maintains the pay-as-you-go model, that is, the income of the younger working generation is used to pay for the old-age expenses of contemporary retirees (intergenerational transfer). Due to the disunity of the system, the dual-track system has also caused an imbalance in the insurance obligations and treatment levels of employees in urban enterprises and institutions, which has triggered social contradictions. Some experts said that the dual-track social insurance system is the main factor of social instability.
The phenomenon of illegal misappropriation of pension funds is serious.
20% of the pensions paid by enterprises are included in the social pooling account, and the labor and social security departments are responsible for the collection, expenditure and management supervision of pension funds, which will inevitably lead to the phenomenon that "the left hand supervises the right hand". When the social pension fund in the overall account is used, it is not made public in all provinces and cities, and the personal account of pension insurance will not report the investment purpose and return on investment of the fund, which leads to the phenomenon of illegal misappropriation of funds becoming more and more serious, and then spread to the whole country. This lack of restraint and supervision of the management system makes the pension fund may eventually become a sunk cost, without any return on investment. China has a large population base. With the arrival of an aging society, this illegal misappropriation of insurance funds will bring a heavy blow to the national finance.
The pension yield is low.
From the practice of establishing personal accounts in Liaoning Province, the return on investment of China's pension funds in bank loans and national debt is lower than 2.5%, which is far lower than the average wage growth rate of our society. With the improvement of living standards and the influence of inflation, the low income of pension funds can hardly support the normal life of the elderly population in China. Take the United States as an example, American pension funds are connected with the capital market, and pensions have become one of the three major institutional investors in the American capital market. The United States gradually scientifically coordinates the security and profitability of pension funds, uses investment portfolios to spread risks, and realizes high returns of pension fund investment under certain risk conditions (as low as possible). Since the 1980s, the income from American pension investment has been above 65,438+00% (excluding inflation). In the process of China's pension fund system reform, we should learn from the American pension insurance system and realize the mode of combining with the capital market based on the partial accumulation system.
20 10,10/On October 28th, the 17th session of the 11th National People's Congress passed the Social Insurance Law of People's Republic of China (PRC), which came into effect on July 28th, 201/kloc-0. According to the Twelfth Five-Year Plan, the basic old-age insurance is expected to be realized nationwide within five years. In the process of China's old-age insurance system from city (county) overall planning to provincial overall planning, and finally to national overall planning, we have also seen the above problems in China's old-age insurance system, and the reform of China's old-age insurance system is bound to form a trend, so we should explore a social old-age insurance system that conforms to China's national conditions.
The payment level of endowment insurance is really high.
The 12th meeting of the 12th the National People's Congress Standing Committee (NPCSC) held a joint meeting and made a special inquiry on the State Council's report on promoting the construction of urban and rural social security system as a whole. Ma Kai, Vice Premier of the State Council, said in response to a member's question that the current pension insurance payment level is really high, and "five insurances and one gold" has accounted for 40% to 50% of the total wages. He revealed that the relevant documents on the integration of government agencies and institutions with the old-age insurance system for urban employees will be issued in the near future and will be further deployed.