At the first summit of the China Pension Finance 50 Forum held on February 27, Yao Yudong, director of the Financial Research Institute of the People's Bank of China, said that my country's social insurance rate currently exceeds 40%, and it is recommended to quickly reduce the five insurance and one housing fund rates, mainly It's pension insurance.
The high payment ratio of "five insurances and one fund" has become an important reason for the overburden of enterprises. Yao Yudong said that the payment ratio of enterprises is too high and the burden is too heavy, which has affected the development of 99% of domestic small, medium and micro enterprises and also restricted the wages of workers.
increase.
Jin Weigang, director of the Research Institute of the Ministry of Human Resources and Social Security, said that the current pressure on pension insurance payments mainly comes from the transmission effect, the economic downturn, sluggish corporate performance, and the natural decline in payment ability. In recent years, more than 30 million people have interrupted payment every year.
The Central Economic Work Conference proposed to reduce social insurance premiums and study the streamlining and merging of "five insurances and one fund".
Most experts believe that there is little room for decline in medical insurance, unemployment insurance, and work-related injury insurance, and that pension insurance is the most likely to reduce rates.
Yao Yudong said: "It is recommended that in the next three years, areas with pension fund balances use different means to rapidly reduce pension insurance premiums. Unit contributions should be cut in half, from the current 20% to 10%, and individual contributions should also be reduced. Stage
It will be cut for 10 years and then tentatively restored after 2026 to finally solve the short-term and long-term problems and achieve a better balance. "After the pension insurance premium rate is reduced, how to deal with the future deficit problem? Yao Yudong believes that it should be allocated.
Local state-owned assets are used to enrich the basic pension insurance fund as the first pillar, and the allocation ratio must reach at least 30%. It is too low to make up for the gap.
Expansion Zeng Fujin: It is worth looking forward to the entry of long-term funds such as pension insurance funds into the market. A long-term, healthy and stable capital market requires more long-term and stable funding sources.
Recently, news about the entry of pension funds into the market and the raising of insurance funds has once again attracted widespread attention.
From the perspective of the demand for value preservation and appreciation of pension funds and insurance asset allocation, the entry of these long-term funds into the market is worth looking forward to.
Wang Zhongmin, vice chairman of the National Council for Social Security Fund, said recently that the return on investment of the National Social Security Fund’s 1.8 trillion assets last year reached 15.14%.
This is the highest return on investment since the National Social Security Fund began its investment operations in 2000, which has important reference significance for the investment and operation of pension funds.
In August last year, the State Council issued the "Basic Pension Insurance Fund Investment Management Measures", officially opening the floodgates for pension funds to enter the market. The relevant supporting details are currently being formulated.
Li Zhong, spokesperson of the Ministry of Human Resources and Social Security, once said that it will ensure that pension investment operations will be launched this year.
Although pension investment is not as flexible as the National Social Security Fund investment, under current conditions, according to its asset allocation and related institutional operation experience, value preservation and appreciation can still be achieved.
According to calculations by the Ministry of Human Resources and Social Security, the current scale of pension entrusted investment operating funds is about 2 trillion. At a ratio of 30%, 600 billion funds will be available for entry into the market.
Hong Lei, President of the China Asset Management Association, recently gave suggestions for the entry of pension funds into the market: first, the trustee should carry out large-category asset allocation management, build a reasonable large-category asset portfolio for the client, and match the client's risk characteristics and payment needs;
Fund managers carry out specific investment portfolio management through public and private funds - selecting investment targets based on the intrinsic value of listed companies, controlling portfolio risks, and obtaining steady returns consistent with long-term economic growth.
Compared with the caution of pension funds, the performance of insurance funds in the secondary market is much more "high-profile".
However, after the crazy placarding at the end of last year, the China Insurance Regulatory Commission strengthened relevant supervision, and the insurance capital placarding suddenly "stopped".
Recently, Zhongrong Life Insurance was banned from new stock investments by the China Insurance Regulatory Commission due to insufficient solvency, making those who want to raise their cards even more cautious.
In this regard, Xiang Junbo, chairman of the China Insurance Regulatory Commission, said in a recent interview that in the past, insurance fund operations were highly controversial due to narrow investment channels. Now that restrictions have been relaxed, the secondary market has once again become the focus. “We have made repeated calculations and insurance funds have
The overall risk is generally controllable, and for some small and medium-sized insurance companies, we continue to conduct stress tests, and there is basically no problem. "This means that as long as it is legal and compliant and meets regulatory requirements, insurance capital should not be criticized.
As the scale of insurance assets continues to grow, asset allocation in the secondary market is still an inevitable choice.
As of the end of January this year, the assets of the insurance industry had reached 12.63 trillion yuan, the balance of funds used was 11.36 trillion yuan, and the stock and securities investment funds were 1.55 trillion yuan, accounting for 13.61%.
Judging from the growth rate of insurance industry assets in recent years, there is no problem in increasing the asset size by about 2 trillion yuan, and about 600 billion new funds can be added to the market.
If the existing funds are included, the funds that can be entered into the market exceed 2 trillion.
In addition, the scale of enterprise and occupational annuities, which are the second pillar of pension security, is also growing rapidly.
The growth of enterprise annuity is expected to be nearly 200 billion yuan this year, and the amount of new funds that can be added to the market is 50 billion to 60 billion yuan.
With the advancement of reform, the entry of long-term funds such as pensions, annuities, and insurance funds into the market is worth looking forward to.