1, the so-called pension empty account problem or gap problem. It means that the money corresponding to each personal account is not made real. Although many accounts should have so much money, they are actually empty, because the actual pension operation mode in China is a combination of unified accounts.
2. Reasons for the emergence of empty accounts in personal accounts The problem of "empty accounts" has a profound historical background. 1993 At the Third Plenary Session of the 14th CPC Central Committee, relevant representatives proposed that China should establish a social endowment insurance system of "combining social pooling with individual accounts", and the individual account system was established. However, retired employees (so-called "old people") and on-the-job employees (so-called "middlemen") who joined the work earlier before the implementation of the personal account system did not accumulate personal accounts in the past working years, and pensions were required to be paid.
3. Since 1997, China has been implementing the financial management system of "mixed management" of overall account and individual account. In other words, the two accounts are managed in a mixed way, which provides opportunities and possibilities for individual accounts to transfer funds to social pooling accounts. In order to solve the problem of pension payment for retired employees (so-called "old people"), social security institutions directly misappropriate the funds in the personal accounts of on-the-job employees by using the convenience of "mixed account management". For a long time, due to the continuous overdraft of personal accounts to fill the shortage of social pooling funds, personal accounts have been empty.
4. The problem of "empty account" in personal account is serious. It directly affects the transformation of the old-age insurance for urban workers in China from pay-as-you-go system to accumulation system, and transfers the risk of pension payment to future generations, which affects the sustainable development of pension funds and reduces the credibility of the pension system.
5. First of all. The "empty account" of personal account directly affects the transformation of endowment insurance for urban employees in China from pay-as-you-go system to full accumulation system. This change will inevitably affect the realization of the complete accumulation system of basic old-age insurance in China, and will only make the new old-age insurance system superficial and unable to play a fundamental role in the end.
6. second. The problem of "empty account" in personal account leaves the risk of pension payment to the next generation, which affects the sustainable development of pension funds and the credibility of pension insurance system. There is no accumulation of personal accounts-the problem of "empty accounts" is to transfer the risk of pension payment to future generations. The transfer of risk reduces people's awareness of payment, which will lead to various explicit and implicit evasive behaviors. Evasion of fees will lead to a vicious circle of low collection rate and high payment rate, which will affect the collection of social security funds, and at the same time cause the fund's income to be less than the fund's payment demand, which will bring huge financial risks to the social security system, increase the pressure of fund appreciation, and make endowment insurance.
The above is an introduction to the reasons for the gap in pension funds.