I wrote a comparison between China and the United States: a comprehensive comparison of the social pension systems in the United States and China. The article reveals two points: one is to write an article about the pension target fund, and the other is to write about the pension insurance system in other countries. The pension target fund will be written within one month. Compared with other countries' pension systems, my first thought is Japan, which is very close to our country.
There is no word "pension" in Japanese, and annuity refers to pension. Japan's old-age insurance system was initially established before World War II, and it was continuously improved after World War II. With the serious aging and deflation in Japan in the past two decades, Japan's pension system has been continuously reformed, and now it has formed three pillars: compulsory public annuity, voluntary enterprise annuity and voluntary personal savings annuity.
1: comparison of the first pillar
In the 1960s, Japan had established the first pillar to benefit the whole people, and in 2004, it carried out in-depth reform of the pension system, striving to establish a pension system with a sustainable balance of payments for a hundred years.
The national annuity benefits all nationals aged 20-60, and pays a fixed fee of16900 yuan per month. The first insured (farmers, self-employed individuals, students, etc.). ) pay in full; Second, the insured (civil servants and enterprise employees) and the unit each bear half; The third insured (the unemployed spouse of the second insured) is paid in full by the second insured until he is 60 years old. After the age of 65, I will receive about 1 10,000 yen every year. If he lives to 85 years old, the IRR of the first and third insured is the IRR of the second insured. SRC = "/V2-bf0e 87 f 7930 bbcd 1339d 0 EFD 8 ed 0 Abe 8。 Let's look at the Ankang annuity, which belongs only to the second insured, covering all civil servants and enterprise employees. In 20 15, the economic annuity for civil servants was merged into the welfare annuity, thus breaking the dual-track system. Our country is also merging at present. There is a fixed proportion of health welfare annuity payment, and employees and units with monthly wages each bear half, and the premium includes national annuity. The upper limit of payment is 620,000 yen, and the lower limit is 1 10,000 yen, which is somewhat similar to 300% to 60% of the average wage in China.
If you pay 40 years according to the average social wage, you will receive 9 17 16 yen every month after you retire at the age of 65. According to the report of OECD20 17, the replacement rate of Japanese national pension and generous pension is 40%. This is equivalent to the replacement rate of about 40% of the first pillar in China.
Comments: The overall size of Japan is slightly higher than that of China, and the replacement rate is also equivalent. However, the population of Chinese mainland is 10 times that of Japan, and the gap in per capita size is still very large. The first insured of Japanese nationals (self-employed, farmers, etc.). The people who participate in the endowment insurance for urban and rural residents in China are at the bottom of the first pillar, and there are very few pensions. Moreover, the proportion of enterprises in China's first pillar is much higher than that in Japan, which leads to the low participation of the second pillar.
2. Comparison of the second pillar
The enterprise annuity system was born in Japan with lifelong employment system in the 1920s. In order to reward employees' loyalty, most enterprises will set up LSSB retirement pension system for employees, which is the largest enterprise annuity in Japan and does not require employers and employees to pay.
In order to help small and medium-sized enterprises establish LSSB system, a severance payment system for small and medium-sized enterprises was established in 1950s, and employers promised to pay 5000-30000 yen per month. At present, it involves more than 3 million employees.
In order to reduce the labor cost and hire short-term and part-time employees, enterprise annuities with no substitution function are needed. 200 1 year DB defined benefit annuity and DC defined contribution annuity were born. By the end of 20 15, there were 7.82 million participants in DB scheme and 5.05 million participants in DC scheme.
In China, only 90,000 people participate in enterprise annuity, covering more than 25 million people, accounting for only one trillion yuan of urban employment. At present, the average treatment of enterprise annuity by stages is 25 19/ month/person, and the replacement rate is about 30% among the insured population.
The actual number of participants in occupational annuities of government agencies and institutions is 29.7 million, with a coverage rate of 82%, and the accumulated balance is 665.438+000 billion yuan. Because the contribution ratio is generally higher than the occupational annuity, the replacement rate after retirement is higher than the enterprise annuity.
Comments: Japanese lifelong employment enterprises have set up a retirement pension system for the vast majority of employees, and the coverage rate far exceeds 13% of enterprises and occupational annuities covering all urban employed people in Chinese mainland. Japanese companies have set up DB and DC pension plans for part-time and short-term workers, which is also worth learning. We have been tossing the pot in this respect!
3. Comparison of the third pillar
In order to narrow the pension gap between the first insured in Japan and other people, 199 1 established a national pension fund system, with a maximum monthly payment of 10000 yen, all of which is funded by individuals, and the monthly payment for people aged 46 and above will rise to 10000 yen.
In 200 1 year, personal DC decided to set up a contributory annuity account, which was initially open to the first-class insured and those without enterprise annuity, and later opened to everyone, somewhat similar to the IRA personal pension account in the United States. Because the pension replacement rate of most of the second type insured is high, and the income of the first type insured is limited, there are not many individual DC participants. By 20 17, the number of participants was only 600,000.
The premium of commercial pension in Japan's insurance market accounts for about 15%, while the sales volume of China's pension insurance accounts for a very low proportion. In recent years, the commercial endowment insurance with tax deferred effect has been piloted with less premium and limited effect.
On June 20 18, China Pension Target Fund was established. By July 2020, they are all FOF funds with a total scale of 31800 million yuan!
Pension target funds are more suitable for investors who are willing to take certain risks in pursuit of faster and more accumulation of pension funds, or investors who are clear about their risk preferences and hope to find products with corresponding risk-return characteristics. It's a little similar to the American IRA account, but there is no benefit of delaying tax payment!
Data Jun believes that simply choosing a certain type of product is not an excellent practice. A wise choice is to build the most suitable product portfolio according to your own risk tolerance and actual pension needs, and compare the risk protection provided by different products, so as to achieve both guaranteed bottom and higher income, so that pension investment can achieve twice the result with half the effort.
See you next time!
endowment annuity
1: Why the most worthwhile annuity is pure pension insurance (from the impossibility of three benefits of insurance)
2. Why is the pension annuity the most worthwhile investment? (from the upside-down interest rate)
3. The most important annuity insurance is pension annuity insurance, no one! ! !
4. A comprehensive comparison between Chinese and American social endowment insurance systems.