The essence of competition among enterprises is the competition for talents. As a supplementary old-age insurance plan, enterprise annuity system is called the second pillar of the old-age insurance system. Today, with the increasing trend of aging population in the world, enterprise annuity plan has been recognized and adopted by more and more countries. In foreign countries, annuities, stocks and options are called the three "golden handcuffs" for enterprises to retain talents. For enterprises, enterprise annuity is a deferred incentive model, which is a long-term contract between enterprises and employees, which is conducive to increasing the long-term human capital investment of enterprises and employees and reducing or overcoming the "short-term" behavior of enterprises and employees. The construction of enterprise annuity system directly affects the enterprise salary incentive system, human capital investment and financial decision-making in modern enterprise system construction.
Therefore, the construction of enterprise annuity system can better link employees' personal interests with their personal contribution to the enterprise or economic benefits, attract and retain talents, stabilize the workforce, and enhance the cohesion and competitiveness of enterprises. In China, employees and executives are generally weak in the concept of annuity, lacking the necessary understanding of enterprise annuity, some even know nothing about it, and some confuse annuity with annual salary.
from the government's point of view, the nature, orientation and policy boundaries of the development of enterprise annuity system in China are still unclear.
From the enterprise's point of view, there are also deviations in the understanding of enterprise annuity by enterprise managers. First, they are worried that the establishment of enterprise annuity system will increase enterprise expenditure and affect profits; Second, they can't see the economic and social effects of enterprise annuity. Some people think that enterprises have paid a lot for social basic pension and medical insurance, and the establishment of enterprise annuity will further increase the burden on enterprises, and enterprises have no responsibility to pay this "extra" cost; Some people think that instead of allowing employees to enjoy the benefits of enterprise annuity in the future, it is better to directly distribute immediate benefits such as housing provident fund or bonus to employees, and the latter has more obvious incentive effect. From the perspective of employees, for a long time, Chinese employees believe in "raising children to prevent old age" and "saving for the elderly", and generally lack the basic understanding of institutional pension. The payment of annuity fees causes the monthly salary income of employees to decrease, and some employees mistakenly think that it is an extra fee charged by enterprises. There are also some employees who lack the long-term concept of investing in the future pension security, so their enthusiasm for participating in enterprise annuities is not high. The establishment of trust enterprise annuity system in China is in the exploratory stage, and it is difficult to meet the needs of annuity market investment in personnel, institutions and products. First of all, the lack of real enterprise annuity products, China's underdeveloped capital market is difficult to provide diversified investment tools and channels, which has seriously restricted the design and provision of personalized and diversified annuity products.
Secondly, there is a lack of experienced fund managers and professional institutions. Trust enterprise annuity system needs a large number of professionals in investment, service, risk management, product design and so on. Thirdly, the high comprehensive cost of enterprise annuity custody further reduces the return on investment, resulting in the abnormal phenomenon that the return on investment is lower than the interest rate of bank savings and national debt in the same period, which leads some enterprise annuities to rely too much on payment rather than investment performance, and will eventually affect the payment ability of enterprise annuities. In addition, the narrow investment channels of enterprise annuity hinder the acquisition of high return on investment and further weaken the attractiveness of enterprise annuity.
(III) The management of enterprise annuities is not standardized
There are three main modes in the management and operation of enterprise annuities in China: self-management mode. It is to open an enterprise annuity account under the big financial account of the enterprise. When the enterprise encounters financial difficulties, it is difficult to control the risk of misappropriation.
handling mode of social security institutions. Enterprise annuities are collected, managed, operated and distributed by social security institutions. The disadvantage of this model lies in the integration of supervision and operation, and there is no compulsion to disclose information. Enterprises and employees know nothing about the investment, income and distribution of funds, let alone supervision. Insurance company model. Insurance companies are responsible for designing enterprise annuity plans and operating and managing enterprise annuity assets, usually in the form of group pension insurance. Under this model, the enterprise annuity assets are not completely separated from the assets of insurance companies, and it is difficult to ensure the independence and security of annuity assets, and there are some defects such as high management cost and few channels for fund utilization.
Not universally reflected
Because relevant preferential policies, especially tax incentives, have not been implemented or are not strong enough, many enterprises with the strength and conditions to establish enterprise annuities are still in a wait-and-see attitude.
foreign practical experience has proved that tax exemption or deferred taxation of enterprise annuity payment is one of the most important factors to promote the development of enterprise annuity. Most countries (such as the United States, Britain, Japan, etc.) are generally exempt from taxes in the two links of enterprises and employees paying annuity fees and investing in annuity funds, and only levy taxes when retired employees receive enterprise annuities.
In this case, both enterprises and employees enjoy tax incentives, which is conducive to the development of enterprise annuities. The establishment of enterprise annuity system should be driven by preferential tax policies at the source and controlled by risks in asset operation. However, the demand of enterprises in China has not been released, the national unified preferential tax policies have not been introduced, the investment environment is not ideal, the supervision system has not been established, and supporting laws and regulations are missing. The preferential tax policy of enterprise annuity is to mobilize the enthusiasm of enterprises to establish enterprise annuity from the institutional level.
The establishment of enterprise annuity is aimed at reducing the financial burden of the state on the macro level, and helping an enterprise to solve the problem of providing for its employees' old age on the micro level, thus stimulating their enthusiasm for work, which is also very important for the development of enterprises. Therefore, the government should give preferential policies to enterprise annuities from the tax level, and encourage enterprises and individual employees to pay the same fees. We will study and introduce preferential tax policies for enterprise annuities as soon as possible, and improve relevant laws and regulations to promote the development of enterprise annuities and individual voluntary endowment insurance, and encourage them to invest in the capital market through specialized investment institutions to realize the preservation and appreciation of pensions.
(5) Take the regional promotion enterprise annuity development strategy as a supplement to the basic old-age insurance. The enterprise annuity should take the road of all-round development in all regions, and never give up the establishment and development of the enterprise annuity system because of the backward economic level, otherwise people will lose the second guarantee of old-age insurance when the replacement rate of basic old-age insurance drops. Due to the constraints of the reality, it is impossible to implement the enterprise annuity system in China overnight. Due to the different levels of economic development, the development level of enterprise annuity system in different regions and industries in China is different, and the coverage process of enterprise annuity in China is promoted step by step in a planned way. To this end, we should first select enterprises with good benefits and long-term development ability as pilots to establish first, and then gradually expand to most enterprises. Large enterprises such as petroleum, petrochemical, electric power, aviation, etc. can be selected as pilots first. These enterprises are not only large in scale, good in efficiency, capable of establishing enterprise annuities, but also have broad development prospects. Workers have high trust in enterprises and have the need to establish enterprise annuities, so they are conducive to the smooth establishment and operation of enterprise annuities. Secondly, on this basis, it will be extended to small and medium-sized enterprises, and in economically developed areas and areas with dense small and medium-sized enterprises, qualified small and medium-sized enterprises will be United to hold enterprise annuity plans. Because these small and medium-sized enterprises participating in the joint venture are connected by regions and influenced by the same geographical environment, the demand for enterprise annuity plans is consistent, and the same geographical environment helps enterprises to keep close contact after establishing joint annuity plans, and formulate joint enterprise annuity plans suitable for local conditions according to local environmental characteristics and employee needs. Then it will gradually expand to most enterprises, so that the coverage of enterprise annuity in China can be expanded step by step in a planned way.
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