The necessity of establishing a personal account for basic old-age insurance is manifested in the aspects of system requirements, saving money for providing for the aged, eliminating the risk of economic fluctuation and protecting the rights and interests of employees, and the feasibility of establishing a personal account for basic old-age insurance is manifested in the central policy, financial investment and fund balance.

1. It is the inherent requirement of the "unified account and combined account" old-age insurance system to make a real personal account for basic old-age insurance.

According to the design of the unified account and combined old-age insurance system, the fund is partially paid as you go, realizing mutual assistance and intergenerational support; Personal accounts are fully accumulated to realize saving money for old age and self-support. If the overall account continues to occupy the personal account fund, it is bound to continue the "empty account" operation, and the partial accumulation system will become the pay-as-you-go system, which not only violates the original intention of the reform, but also weakens the pension function of the personal account, and there is a greater risk of "empty account". At the same time, the accumulated balance of China's basic old-age insurance fund has increased by about 3% every year since 1998, and theoretically this part of the balance should mainly be the fund accumulated in personal accounts. If you don't have a personal account, and there are so many funds accumulated, it will inevitably violate the inherent requirements of the "unified account combination" pension insurance system. Therefore, it is imperative to establish a personal account for basic old-age insurance.

2. It's necessary to save money to prevent old age and eliminate the risk of economic fluctuation to make a personal account for basic old-age insurance.

China is a developing country, and its financial resources are not strong enough. Due to family planning and other reasons, the problem of aging is also severe, and the pressure on pension payment due to economic fluctuation is greater. It will face greater risks to rely solely on the social pooling system of pay-as-you-go system to provide for the elderly. We should plan ahead and gradually make a personal account to form a complete accumulation of individual contributions. According to the forecast, from 23 to 25, it will be the most severe period of population aging in China. Therefore, the aging is bound to come, and the payment pressure of the endowment insurance fund will also come. If there is enough money accumulated in the personal account of the basic old-age insurance, the year with the most serious aging is not necessarily the year with the greatest payment pressure of the old-age insurance fund, and the influence of aging on the payment pressure of the old-age insurance fund will drop to a lower range. In fact, this is precisely the importance and necessity of implementing personal accounts for basic old-age insurance in China before the arrival of the peak of aging. As the saying goes, "there is no hurry to eat with food at home, and there is no hurry to support the elderly with money." This sentence embodies the truth of "saving money to prevent old age"

From another point of view, since the finance bears the responsibility of basic pension payment, if the pressure of pension payment is relieved by making a personal account of basic pension insurance, the future payment risk of financial funds will be reduced accordingly. The reason why finance should contribute to make up for the historical gap of pension funds, and then make a personal account of basic old-age insurance is also the need to ensure the sustainable payment ability of finance itself.

3. It is necessary to ensure the rights and interests of the insured to have a personal account for the basic old-age insurance.

By having a personal account for the basic old-age insurance and increasing its value appropriately, it is beneficial to improve the anti-risk ability of the old-age insurance system. If it has always been an empty account situation of "unified account regardless of account", it is easy to weaken the guarantee function and is not conducive to the formation of a sustainable development mechanism of endowment insurance. Although there may be a recent payment shortage in the process of implementing the personal account of basic old-age insurance, the long-term payment will be able to cope with it calmly, and there is no absolute opposition between "implementing" and "issuing". Therefore, in the long run, making a personal account is conducive to the safe payment of pensions and safeguarding the pension rights and interests of insured persons.

4. It is economically feasible to implement a personal account for basic old-age insurance

How much funds do you need to supplement to implement a personal account for basic old-age insurance? Does China have the financial strength to make a personal account for basic old-age insurance? It can be said that there are different opinions. Some studies say it needs several trillion yuan, while others say it needs hundreds of billions. In order to answer the above questions, this report takes the end of 27 as the cut-off time point, and calculates the data of the relevant time interval. See Table 1 for the specific calculation data.

The preliminary calculation results show that if individual accounts for basic old-age insurance have been established since 199, the whole country will need about 1 trillion yuan to supplement them. If the personal account of basic old-age insurance is implemented since 1998, the whole country will need about 92 billion yuan to supplement it; If the personal account of basic old-age insurance is implemented since 21, the whole country will need about 79 billion yuan to supplement it; If the personal account of basic old-age insurance is implemented since 26, the whole country will need about 34 billion yuan to supplement it. According to the statistical bulletin on the development of labor and social security, the accumulated balance of the national basic old-age insurance fund in 28 was 993.1 billion yuan, and the old-age insurance funds in all provinces had a balance (there may be a payment gap in some overall planning areas). Therefore, as long as all levels of finance give the necessary support, and then appropriately use the existing surplus funds, it should not be a big financial problem to implement the basic old-age insurance personal account.