At the press conference on financial reform and development held by the State Council Information Office on February 22nd, Liu Kun, Minister of Finance, said that retirees' pensions can be guaranteed to be paid in full and on time, no matter where, in which province, in which city and county.
Yu Weiping, Vice Minister of Finance, said that the national co-ordination of the basic old-age insurance for enterprise employees and the mutual assistance of the fund are conducive to giving play to the scale effect of the fund. This work was officially implemented on June 65438+ 10/this year. At present, the Ministry of Finance is working hard to study and formulate relevant supporting documents, calculate the scale of fund allocation, rationally adjust the surplus and shortage of funds between regions, strengthen the follow-up guidance for local implementation, and timely adjust and improve policies and measures.
What is national overall planning?
Tao Qi, deputy director of Ministry of Human Resources and Social Security Endowment Insurance Department, said at the press conference held in Ministry of Human Resources and Social Security on February 22nd that since the establishment of the endowment insurance system in China in 1990s, the overall planning level has been gradually improved from the county level. From July 2065438 to July 2008, the central fund adjustment system was established and implemented, which moderately balanced the burden of endowment insurance funds among provinces and took the first step of national overall planning. By the end of 2020, all provinces will achieve provincial-level overall planning and unified support of funds, thus solving the problem of uneven financial burden among provinces. 20 18-202 1, in the four years since the implementation of the central adjustment system, * * * inter-provincial adjustment funds reached more than 600 billion yuan, of which 202 1 inter-provincial adjustment scale reached more than 2 10 billion yuan, which strongly supported the difficult provinces to ensure the timely and full payment of pensions.
Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, said in an interview with the newspaper that the national overall planning of basic old-age insurance for enterprise employees started from June 5438+ 10 this year, which should be said to have opened a transitional period.
He pointed out that the ultimate goal of the national overall planning work mainly has three signs. The first is that the upper and lower limits of the insured's payment base are unified nationwide. Second, the average wage of employees in the pension calculation formula of all insured persons in the country should also be unified throughout the country. The third sign is that the basic old-age insurance system for employees is unified nationwide and the central government is unified in revenue and expenditure.
Yang Zhiyong, vice president of the Institute of Finance and Economics of China Academy of Social Sciences, told this newspaper that the national overall planning to ensure that pensions are paid nationwide, especially in the old industrial bases, will also contribute to the development of a unified national labor market.
"At present, the basic old-age insurance funds are still scattered in various provinces, and the national pooling fund has not been fully established. The basic endowment insurance fund managed by local government cannot form the scale effect of investment management. In the future, national overall planning will be realized, and the central government will collect and support the entire employee basic endowment insurance fund, form national overall planning management, and give full play to its due scale effect to improve the management efficiency of pensions and reduce the management cost of pensions. " Dong Dengxin said.
Why do you need national co-ordination?
Zhong Huiyong, associate professor of the School of Finance of Shanghai University of International Business and Economics and deputy director of the Institute of Financial Development, told the paper that although the pension gap may gradually increase with the increase of the aging ratio in the long run, there is no pension gap nationwide in the short term.
"One of the current problems is the imbalance between the old-age areas, but this is related to the cross-regional flow of labor in the process of urbanization." Zhong Huiyong said.
Fan Ye, chief macro analyst of Southwest Securities Research and Development Center, told this newspaper that the age of moderate aging in China is coming, and socialized pension is the general trend. In the next decade, China's population aging process will continue to accelerate. In 2030, the proportion of elderly people aged 60 and over will reach about 25%, and the elderly population will reach its peak in 2055-2060. At present, the short-term effect of the adjustment of birth policy is limited, and "getting old before getting rich" and regional imbalance have increased the difficulty of coping with aging.
Fan Ye said that by comparing the pension system and fund operation experience of the United States, Japan and the Netherlands, we can find that there are some problems in the structure, overall planning and account management of China's current pension system. At the same time, the scope of pension investment is too narrow, the amount of funds is high, and the overall investment return rate is low, which can not well realize the value-added appeal of pension.
Gradual delay in implementing the statutory retirement age
Recently released "The 14th Five-Year Plan for the Development of the Aged and the Plan for the Old-age Service System" proposes to realize the national overall planning of the basic old-age insurance for enterprise employees as soon as possible. Implement a gradual delay in the statutory retirement age.
Not long ago, the Jiangsu Provincial Department of Human Resources and Social Security issued the Notice on the Implementation Measures of Basic Old-age Insurance for Enterprise Employees, which innovatively stipulated the policy of delayed retirement. It is mentioned that the insured person can postpone his retirement for at least one year upon his own application, with the consent of the employer and reported to the administrative department of human resources and social security for the record. These Measures shall come into force on March 2022 1 day.
Zheng Bingwen, a professor at the School of Government Administration of China Academy of Social Sciences and director of the World Social Security Research Center of China Academy of Social Sciences, told this newspaper that in the past few decades, some developed countries often used the slogan of "saving the social security system" when reforming the pension system or establishing reform committees, and the most common way in the reform policy mix of these countries was to raise the retirement age.
He said that the average legal retirement age of men and women in China is already very low, only about 55 years old, but due to various reasons, including moral hazard, the average actual retirement age of men and women is only about 54 years old every year.
"Too low retirement age is not very beneficial to the insured, which will reduce the amount of pension or the replacement rate. For example, if the average retirement age of men and women is raised to 62.5 years, the extra 8.5 years of payment can increase the monthly overall pension by several hundred yuan (the average level varies from place to place, and the amount of increase is also different), and the account pension will also be greatly improved, which can be increased by several thousand yuan every year. " Zheng Bingwen said, on the other hand, too low retirement age is not conducive to the financial sustainability of pension insurance. The lower the retirement age, the greater the impact on the financial sustainability of pension insurance.
Yang Zhiyong also said that the retirement age should be appropriately extended and the national social security reserve fund should be further increased.
Zheng Bingwen pointed out that it is both necessary and urgent to implement delayed retirement. Delaying retirement is the most effective and direct reform measure to narrow the deficit gap and even maintain the actuarial balance of income and expenditure in the future.
Improve the efficiency of pension management
In addition to gradually delaying the statutory retirement age, it is also important to improve the efficiency of pension management.
Dong Dengxin pointed out that the management of basic old-age insurance funds has now entered the market-oriented management stage, such as the basic old-age insurance fund for employees, the basic old-age insurance fund for urban and rural residents, and the national social security fund, all of which have entered the market for investment. On the one hand, we hope to maintain and increase the value by entering the capital market, on the other hand, we also hope to provide a stable long-term source of funds for the capital market and support the development of the real economy.
Fan Ye said that in 2022, the pension system reform will focus on adjusting the proportion of three pillars, increasing the proportion of two and three pillars, and comprehensively promote it from four aspects: system construction, financial product supply, pension account management and personnel construction.
"China's pension financial products mainly include insurance institutions' pension financial products, Public Offering of Fund's pension financial products, bank pension financial products and trust pension financial products. At present, there are some problems, such as lack of development experience, limited supply and homogenization of products. From a global perspective, in the future, domestic pension financial products need to increase the proportion of equity assets allocation, improve the tax incentive mechanism, empower technology to develop pension financial products that meet the needs of different customers, provide one-stop pension financial integrated service solutions, and create an interconnection platform for pension financial products of different financial institutions. " Fan Ye said.
Zheng Bingwen pointed out that in order to give full play to the scientific nature of accurate prediction, with the aggravation of aging, the income and expenditure pressure of China's basic old-age insurance will increase year by year by the end of 2 1 century, which requires the establishment of actuarial reporting system as soon as possible.
In addition, he also said that the choice of reform path should be forward-looking. "Delaying retirement age is a means for countries all over the world to' artificially create demographic dividends' under the pension system, but after all, delaying retirement age has physiological limits and is subject to certain social environment. In the long run, the aging population is the worry of China in the century. From 2050 to the end of February1century, the establishment of asset-based endowment insurance system is a century-long plan for China to deal with the aging population. It should be put on the agenda as soon as possible, and the central government's proposal of "consolidating social wealth reserves to deal with population aging" should be implemented. Under the expectation that the demographic dividend will gradually disappear, "investment dividend" and "capital dividend" will be the best alternative reform programs. Zheng Bingwen said.