The report also analyzes the performance of pension investment across the country for the first time. By the end of 20 17, the entrusted management balance of local basic endowment insurance funds was 1000 billion yuan, and the accumulated investment income balance was 1408 1000 billion yuan. The report believes that pensions have become the "ballast stone" of the stock market.
19 provinces reduce the old-age insurance rate.
According to China's current system, the statutory total contribution rate of the basic old-age insurance system for urban employees is 28%, of which enterprises pay about 20% and individuals pay 8%. Urban individual industrial and commercial households and flexible employees, the proportion of payment is 20%, completely borne by individuals.
The report pointed out that although the higher nominal contribution rate can guarantee the payment income to a certain extent, for enterprises, it is equivalent to increasing the labor cost and will bring greater burden to enterprises.
In recent years, in order to reduce the burden on enterprises, enhance the vitality of enterprises, and promote the increase of employees' cash income, the State Council proposed to gradually reduce the social security rate from May 20 16, stipulating that the proportion of enterprise contributions to the basic old-age insurance for enterprise employees can be reduced to 20%; In provinces where the unit contribution ratio is 20% and the accumulated balance of the fund can be paid for more than 9 months, it can be reduced to 19%.
According to the report, at present, Beijing, Hunan, Gansu, Ningxia, Chongqing, Sichuan, Guizhou, Jiangsu, Anhui, Jiangxi, Xinjiang, Shanxi, Shanghai, Tianjin, Hubei, Guangxi, Henan, Hainan, Yunnan, etc. 19 provinces have announced the reduction of enterprise pension insurance rates, of which Shanghai has dropped from 2 1%.
"Considering the impact of the current economic operation on the collection of funds in China, China will continue to put forward the policy of reducing the cost of enterprise endowment insurance in April 20 18 until April 30, 20 19. It can be seen that the decline in contribution rate is the general trend. " According to the analysis of the report, the decline in the contribution rate will bring greater challenges to the current fund income and expenditure.
According to the calculation, from 20 10 to 20 17, the actual rate of endowment insurance for urban employees in China is 17.26%~ 17.99%, and the difference between the nominal rate and the actual rate of endowment insurance for urban employees is increasing year by year. According to the report, overall, there is still room for at least 8% decline in the nominal rate of endowment insurance for urban employees in China.
The foreign population contributes a lot to the balance of funds.
The report studies the financial sustainability of the basic old-age insurance fund and points out that the regional imbalance of fund income and expenditure is increasing.
According to the report, by the end of 20 16, the accumulated balance of the basic endowment insurance fund for enterprise employees nationwide was 3.7 trillion yuan, an increase of 8.4% over the previous year. Only Guangdong, Beijing, Jiangsu, Zhejiang, Shandong, Sichuan, Shanghai, Shanxi, and Anhui have accumulated a balance of more than/kloc-0.00 billion yuan.
The report shows that the number of provinces where the fund's current income is less than its current expenditure (that is, the monthly income of the fund is less than its monthly expenditure) continues to increase, from 1 438+03 (Heilongjiang,-4.04 billion yuan) in 2065 to 7438+06 (Hebei, Inner Mongolia, Liaoning, Jilin and Heilongjiang) in 2065.
The report pointed out that in the next five years, the fund balance will be concentrated in a few provinces. Especially in Beijing and Guangdong, the two main places of population inflow in China, migrants have made great contributions to the fund balance, and this trend will continue.
Focus 1
Beijing and Guangdong transferred 66 billion yuan from the central finance.
For the first time, the report analyzes and discloses the relevant effects of the central adjustment system of the basic endowment insurance fund for enterprise employees implemented in China last year. The so-called central adjustment system is to distribute pension funds from all over the country to the central government in proportion, and then the central government will distribute them according to the needs of all localities. It is an adjustment to the imbalance of pension areas before the national overall planning of pensions has been implemented.
According to the report, in terms of the total amount, the central transfer scale raised by the whole country has reached 402.9 billion yuan, accounting for about 16% of the total income of the national pension insurance collection, and the per capita annual allocation is 4,450 yuan, accounting for about 15% of the per capita pension expenditure in that year.
Which regions contribute to pensions? Where do you directly benefit from the regulation fund system? According to the analysis of the report, 10 province is a net contributor, with a total contribution of 90.5 billion yuan. Among them, the net contribution of Guangdong and Beijing is 66 billion yuan, accounting for 72% of the total contribution. 2 1 province is the "beneficiary" province, among which Liaoning, Heilongjiang, Sichuan, Jilin and Hubei are the top five beneficiary provinces, with the benefit amount exceeding 7 billion yuan. Liaoning, Heilongjiang and Sichuan have benefited more than 10 billion yuan.
"The central adjustment fund accounts for about 15% of both ends of revenue and expenditure, which shows that 3% of the adjustment fund has played a certain role." The report believes that the adjustment system has effectively eased the pressure on the payment gap in some areas.
Focus 2
The accumulated investment income balance of pension is 654.38+04 billion yuan.
The report analyzes the performance of pension investment.
According to the report, by the end of 20 17, the pilot provinces (autonomous regions and municipalities) entrusted by the National Social Security Fund Council had established individual account funds of 82.862 billion yuan, with a cumulative investment income balance of 44.544 billion yuan and fund equity of12.7406 billion yuan; The partial balance of the local basic old-age insurance fund entrusted for management is 654.38+0.00 billion yuan, the accumulated investment income balance is 654.38+0.408/kloc-0.00 billion yuan, and the capital equity is 654.38+0.4085438+0.00 billion yuan.
"Because the national social security fund has the characteristics of long-term accumulation and relative stability, it can not only directly serve the real economy through investment in the primary market, but also buy and hold the' ballast stone' that has become a market through the secondary market, changing the pattern that more than 80% of the trading volume of China's stock market is contributed by retail investors, with high fluctuation and high turnover rate, realizing the benign interaction between pension funds and the capital market, and at the same time effectively participating in corporate governance and improving the governance structure of state-owned enterprises." Shan Shengda, an associate researcher at the State Council Development Research Center, said.
At the same time, the report also pointed out some problems in pension investment, such as the small scale of funds and the lack of institutionalized sources of funds; The investment limit is strict, and the pressure of maintaining and increasing the value of the fund is great; Management operation lacks effective constraints and norms.
"The source of the national social security fund is obviously open, and the public has the right to supervise the investment and operation of this part of the fund, but there are still cases where the fund information is insufficient and not timely." Shan Sheng Da said.
■ problem
It is suggested to establish an adjustment mechanism for residents with low pension benefits.
The problem of low pension benefits for residents has always been a topic of social concern. The report mentioned that in 2009, the minimum standard of basic old-age insurance for urban and rural residents was determined to be 55 yuan per person per month; This standard was raised from July 1, 20 14 to 70 yuan; Since 20 18, this standard has been raised to 88 yuan. According to the investigation of the report group, the insured residents in various places are generally dissatisfied with the basic pension level and its growth rate in recent years.
"Objectively speaking, if it is positioned as endowment insurance to ensure the basic living standards of the elderly, the role of this system in ensuring and improving the basic living standards of urban and rural elderly residents is still not obvious, and there is still a considerable gap from the expectations of the people." Researchers related to the report said that in recent years, the gap in the level of security between government institutions, urban workers and urban and rural residents' old-age insurance systems has not narrowed, but has shown an increasing trend.
The report proposes to gradually reduce the threshold for employees' basic old-age insurance. Through the system design of "low standard payment and low standard enjoyment", some urban and rural residents who have the ability to pay will enter the basic old-age insurance system for employees, and at the same time, the basic old-age insurance for urban and rural residents will be connected with the basic old-age insurance for employees. At the same time, under the premise that the basic pension level is basically the same, the payment level is appropriately linked to the pension treatment standard, so that the insured can choose the payment grade according to their own specific conditions.
In addition, the report also proposes to establish and improve the mechanism for determining treatment and adjusting basic pension policies. "Judging from the situation in these years, the growth rate of basic pensions for urban and rural residents is slow, and the pension gap between ordinary elderly residents and retired employees is widening, resulting in new unfair distribution." Relevant researchers said that around the basic goal of ensuring the elderly have the ability to buy basic means of subsistence, we should establish and improve the mechanism for the stable growth of basic old-age insurance benefits for urban and rural residents, establish a coordination mechanism for the adjustment of three basic old-age insurance systems, strictly control and gradually narrow the treatment gap among them.
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