Comparison of the pension insurance system between my country and other countries

1. Introduction to foreign pension insurance systems

Due to the different political systems and different levels of economic development in various countries around the world, There are great differences in pension insurance systems between different countries with different historical traditions. Pension insurance systems in various countries around the world were established relatively late, but they are developing rapidly. At present, more than 160 countries and regions in the world have established different types of pension insurance systems. According to their coverage, protection level and fund model, they can be roughly divided into the following types:

(1) Income linkage Pension insurance. Income-related pension insurance, represented by the United States, Germany, France and other countries, implements the principle of "selectivity", that is, it does not cover all citizens, but selects some members of society to participate, emphasizing that benefits are related to wage income and payment (tax) . Insurance targets are generally salaried workers, and pension insurance premiums are borne jointly by employers and employees. The level of benefits is moderate. For example, the average basic pension replacement rate in the United States is about 43%. In terms of benefit payment, it is generally beneficial to low-income people.

(2) Savings accumulation pension insurance. Savings-accumulated pension insurance is represented by Chile, Singapore and other countries. The governments of these countries mandate that all employees of public and private entities must participate in pension insurance. The government's Pension Fund Supervision Bureau is responsible for regulating and supervising the management of the fund and does not participate in actual management affairs. Private pension fund management companies serve as legal managers. The government supervises the establishment standards, financial status, and asset structure of pension fund management companies, and requires them to pay risk reserves; pension fund management companies strictly follow the principles of decentralization, transparency, and independence for management, and funds can be used for Purchase government bonds, corporate securities and privatized public facilities; after fund owners reach the legal retirement age, they can receive pensions from the pension fund management company they choose to pay, or transfer the accumulated pensions with principal and interest. Life insurance companies draw annuities.

(3) Welfare pension insurance. Welfare state-type pension insurance is represented by the United Kingdom, Australia, Canada, Japan and other countries. It implements the principle of "generalized system of preferences". The basic pension insurance covers all citizens and emphasizes that all citizens have annuities, so it is called "welfare type" or "generalized benefits". "System" pension insurance. Under this system, all retired citizens can receive a certain amount of pension from the government unconditionally. It should be noted that the general level of this kind of universal pension insurance benefit is very low and is not enough to maintain the basic life of retirees; retirees must join other pension insurance plans to maintain their basic life.

(4) National pension insurance. The state-type pension insurance system was once implemented in most planned economy countries, represented by the former Soviet Union and Eastern European countries. In accordance with the principle of "state contracting", the employer pays the fee, the state organizes and implements it uniformly, workers participate in management, the treatment standards are unified, and the level of security is relatively high. This kind of pension insurance system is not conducive to enterprises' participation in market competition, the mobility of the labor force, and the cultivation of workers' personal awareness of self-security. Currently, it is withdrawing from the field of international social security.