The smooth raising of social insurance funds is the premise and foundation for the normal operation of social security system. In the process of raising social insurance funds, we should always implement the basic principle of balance of payments (including horizontal balance and vertical balance) and classify the raising modes of social security funds. There are three main ways of financing in the world: pay-as-you-go system, complete accumulation system and partial accumulation system. Pay-as-you-go system is a kind of financing method which is based on horizontal balance and implemented in accordance with the prescribed income model, and social security institutions carry out social financing according to the required insurance amount. Generally speaking, employers and employees pay social insurance tax or social insurance premium according to a certain proportion of total wages. This financing mode requires that the expenses that a social security measure needs to pay in the current year or in recent years should be budgeted first, and then distributed to the units and individuals participating in social insurance according to a certain proportion, and then paid in the current year. This model generally determines income by expenditure, leaving no accumulation.

The main advantages of this system are: first, adjust the tax proportion or payment amount in time according to the change of demand to keep the balance of payments; Second, the policy orientation is relatively fair, emphasizing the redistribution function of the social security system; Third, the pay-as-you-go system does not need too much personal information, which is simple to operate and relatively low in management cost; Fourth, it can effectively avoid the risk of currency depreciation caused by inflation and the economic or political risks that may occur in the long-term development process. The disadvantage is that this system is greatly influenced by the age structure of the population, and the funds raised and insurance premiums paid each year will increase accordingly with the aging of the population and the increase in the number of people eligible for insurance benefits. Therefore, its ability to resist population aging is weak.

At present, although people are controversial about the pay-as-you-go system, it still dominates all countries. Up to now, among 165 countries and regions that have established social endowment insurance system in the world, 146 countries have adopted this model. The social security fund raising mode of complete accumulation system is based on the principle of long-term vertical balance. Its essence is the intra-generational redistribution system in individual life.

Generally speaking, workers need to pay insurance premiums regularly by both employers and employees or only one of them according to a certain proportion of the total wages, and record them as long-term accumulated funds in personal accounts, and the ownership belongs to individuals. Eligible, one-time or monthly.

The main features of this model are as follows: First, individuals pay social insurance premiums and the funds are credited to personal accounts. The future income is highly positively correlated with the payment during the insurance period, and the incentive effect is obvious; Second, the transparency is high, and the proportion of capital withdrawal is relatively stable; Third, in the initial stage of the establishment of the system, the contribution rate is high, the fund-raising effect is quick, the long-term rate is relatively stable, and the anti-aging ability is strong, that is, it is less affected by the age structure of the population; Fourth, the accumulated pre-raised funds can enter the capital market to maintain and increase value. At the same time, this model also has some shortcomings. First, there is no redistribution function, and wealth cannot be transferred, which is not conducive to alleviating the gap between the rich and the poor and is far from the original intention of the social security system. Second, the implementation of personal account system requires a lot of private information and high management cost.

Third, the accumulation of funds in personal accounts is a decades-long process, which hides certain risks, especially the function of maintaining and increasing value is uncertain.

Only a few countries in the world adopt the complete accumulation system. With the great success of the fund system represented by Chile and Singapore, the great pressure of the aging population and the general crisis of the welfare state, people's understanding of the fund system is deepening, and more and more people tend to this model. Partial accumulation system is a combination of pay-as-you-go system and complete accumulation system, and it is a financing model compatible with the principles of horizontal balance and long-term vertical balance.

Part of the guarantee fee is paid as you go to meet the current demand, and the other part is accumulated to meet the growth of future payment demand. This financing mode is the synthesis and innovation of the original two modes.