The pension system in the United States is actually a three-legged pension fund jointly established by individuals and enterprises.
The first pillar is the social security plan.
6.2% of the total wages paid by individuals are collected through social security tax, and enterprises also bear 6.2%.
1. coverage. The social security program covers 94% of the working population in the United States. At this point, our country is still far behind. At the end of 20 18, there were 775.86 million employed people in China, only 30 104 million employees were insured, and the coverage rate of basic old-age insurance for employees was 38%.
2. Payment and retirement methods. American social security tax is mandatory, but it also pays attention to fairness. For every payment of $ 1 130, 1% will be calculated, and the maximum accumulated amount for one year is 4%. If the accumulated amount reaches 40%, you can go through the retirement formalities, which means that you need to pay at least 10 years. The United States has set a ceiling on the highest taxable wage. China's social security payment base is between 60% and 300%, and it takes 15 years to receive pension payment, whichever is the time.
In the United States, the tax collection system has been perfected for hundreds of years. The tax authorities are so powerful that it is impossible to default on the state's taxes. You can hide from the police, but you can't hide from the tax bureau. China's tax revenue still has room for further improvement.
The retirement age in the United States is very flexible, ranging from 62 to 70. As early as 1935, the United States stipulated that 65 was the age at which the elderly should retire. In 1950s, the earliest retirement age in America could be advanced to 62, but the corresponding pension level should be reduced to 70%. If retirement is delayed, the pension level will also increase, with a maximum of 132%. The United States began to implement the delayed retirement policy in 2000, increasing by about one month every year. By 2027, the retirement age of receiving full pension will be extended from 65 to 67.
According to the data of Ministry of Human Resources and Social Security 20 12, the national average retirement age is only 53 years old. With such different retirement ages, it is no wonder that our pension funds are under great pressure.
4. The level of treatment. When calculating the pension, the average monthly income should be calculated according to the highest total income or the actual total payment within 35 years, and calculated according to the range of monthly income.
First, 90% of the $767 will be allocated; If the monthly income is between $4,624 and $767, the extra monthly income will be deducted by 32% of $767; If the wage income exceeds 4624 yuan, the extra monthly income is 15% minus 4624. The maximum pension is $2,605, which changes every year.
The second pillar is the annuity plan.
In fact, there are mainly public pension plans (CSRS and FERS) and employer pension plans (40 1K). These two pension plans also have corresponding unique names in China, which are called "occupational annuity" and "enterprise annuity" respectively.
The second pillar belongs to the supplementary pension mechanism, which can be divided into two categories: certainty of treatment and certainty of payment. Both types of annuities in China belong to the defined contribution type.
Annuity plans cover about 49% of the employed population in the United States. In China, the occupational annuity plan covers about 30 million employees of government agencies and institutions, and the enterprise annuity plan covers about 23 million employees of enterprises. However, the number of employed people in China is as high as 776 million, and the coverage rate is only 6.9%.
The third pillar is the personal pension plan.
In fact, it is mainly for individuals to buy their own pension insurance. From May, 2065438 to May, 2008, China implemented the tax-deferred old-age insurance system in Shanghai, Fujian and Suzhou industrial parks on a pilot basis, and deferred the tax to the future by purchasing tax exemption and paying taxes when collecting taxes. In addition, there is also a kind of endowment insurance called tax exemption, and personal income tax has been paid at the time of purchase; You don't have to pay personal income tax when you enjoy a pension. Of course, tax-deferred pension insurance is more cost-effective, but it is only applicable to high-income workers.
Pension accumulation scale
The accumulation of American pensions is very strong. According to the statistics of American Investment Association, as of the third quarter of 20 18, the scale of American pension assets reached 29. 195 trillion US dollars, equivalent to 145% of GDP in that year.
Accumulation of pension funds in China: At the end of 20 18, only the accumulated balance of employee pension funds, urban and rural residents' pension funds, social security fund board risk reserve of 2 trillion RMB and enterprise annuity 1.477 trillion RMB will not exceed 1.5 trillion USD. The real estate market in our country is relatively prosperous, with a total value of 400 trillion yuan, and the elderly can get more pensions by housing for the elderly.
legal ground
People's Republic of China (PRC) social insurance law
Tenth employees should participate in the basic old-age insurance, and employers and employees should pay the basic old-age insurance premium.
Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employer and other flexible employees can participate in the basic old-age insurance, and individuals pay the basic old-age insurance premium.
The measures for the endowment insurance of civil servants and staff managed by reference to the Civil Service Law shall be formulated by the State Council.