the national social security fund (hereinafter referred to as the social security fund) refers to the social security fund centralized by the central government, which is managed by the National Social Security Fund Council (hereinafter referred to as the Council) and is composed of funds and equity assets allocated by the reduction of state-owned shares, funds allocated by the central government, funds raised by other means with the approval of the State Council and their investment income.
The social security fund is not open to individual investors. The social security fund is that the state entrusts part of the endowment insurance premiums paid by enterprises and institutions to professional institutions for management, so as to maintain and increase the value.
the basic principle of social security fund investment operation is to realize the appreciation of fund assets on the premise of ensuring the security and liquidity of fund assets.
The state stipulates that social security funds can enter the stock market. Of course, not all of them are restricted in proportion. The main purpose is to increase the value of social security fund and ensure people's interests
Social security fund assets are assets independent of the board of directors, social security fund investment managers and social security fund custodians.
the Ministry of finance and the Ministry of labor and social security shall formulate relevant policies on the management and operation of social security funds, and supervise the investment, operation and custody of social security funds.
China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission) and the People's Bank of China shall, according to their respective functions and powers, supervise the business activities of social security fund investment managers and custodians.
"social security fund" is a simplified general term, and * * * has five concepts.
first, the "social insurance fund";
second, the "social pooling fund";
Third, the fund in personal account in the basic old-age insurance system, which is called "personal account fund";
fourthly, the enterprise supplementary security fund including enterprise supplementary endowment insurance fund (also called "enterprise annuity") and enterprise supplementary medical insurance;
Fifth, the National Social Security Fund.
The current chairman of the Social Security Fund Council is Dai Xianglong, former governor of the central bank and former mayor of Tianjin. Chairman Dai also serves as Party Secretary of the Council.
How to supervise social security funds in foreign countries: Do not invest in the stock market and housing market
Compared with various financial investment methods in the United States, social security funds are the most prudent and conservative management method
Tian Chengping, Minister of Labor and Social Security of China, said in an exclusive interview with the reporter of the International Herald Tribune during his recent visit to the United States: "The deepening reform and opening up in the field of labor and social security in China need to learn from the successful experience of all countries, including the United States." So, how do American social security funds work?
"the most conservative" management method
The social security fund in the United States came into being in the Great Depression in the 193s, when the poverty rate of the elderly exceeded 5%, and it was urgent for the government to take effective relief measures. President Roosevelt formulated a preliminary social security mechanism for this purpose, which was later reformed. At present, the social security fund in the United States mainly refers to the "Federal Old-age, Survivor and Disabled Insurance Trust and Investment Fund" (OASDI), which is formed by compulsory payroll tax. The fund is managed by a special trust fund, with six trustees (directors), four of whom are automatically appointed by their positions in the federal government, namely: Minister of Finance (managing trustee), Minister of Labor, Director of Health and Director of Social Security. The other two members are appointed by the President and approved by the Senate for a term of four years. During the talks between Tian Chengping and US Secretary of Labor Zhao Xiaolan, Zhao Xiaolan introduced the operating rules of the US social security fund to Tian Chengping, and repeatedly stressed that the United States is quite cautious in the management of the social security fund. Indeed, compared with various financial investment methods in the United States, the social security fund is the most prudent and conservative management method. According to the law, the trust fund is not only managed by the federal government in a unified and centralized way, but also the surplus of income and expenditure must be invested in the securities guaranteed by the federal government with interest, and the interest earned is also deposited in the trust fund. In other words, social security funds are not allowed to invest in stocks or real estate development at all. Of course, the social security fund is not allowed to invest in stocks and real estate. Apart from avoiding risks, it also lies in the huge amount of social security funds. Once it is involved in business activities, it may have a major impact on the stock market and the housing market. However, this kind of investment is also destined to have a very low rate of return on social security funds. According to the report of American Social Security Fund in 25, by the end of 24, the social security fund had covered 157 million people in the United States, 48 million people had received the social security fund, and the annual expenditure was 493 billion US dollars. In that year, the income of the Federal Social Security Fund was $658 billion and the total assets reached $1,687 billion. By the end of 24, the social security fund's annual investment return rate was 6.%, and all its assets were concept special government bonds and government bond securities with an annual interest rate of 3.5% ~ 9.25%, without any stock assets.
The election topic focuses on social security reform
However, with the post-war "baby boom" in the United States entering the old age, the pressure on social security expenditure has increased, and the American social security fund is facing a situation where it may be unable to make ends meet. When President Bush delivered his State of the Union address in February last year, he said that the American social security system was facing the danger of bankruptcy and must undergo major reforms. According to Bush's thinking, American social security funds will be "partially privatized", and social security funds, like private funds, can also be partially used for stock market investment. This move is considered by many economists to effectively improve the operation of social security funds, but many people believe that it will aggravate the risk of "life-saving money". How to reform the social security fund is a major focus in American elections.
enterprise subsidy is the second "insurance lock"
In addition to the state-led social security fund, many enterprises also have related pension systems, or enterprise annuities. This kind of social second "insurance lock" is characterized by enterprise funding, individual voluntary, and the government gives tax incentives. With the deepening of the reform in the field of social security in the United States, the government is putting forward higher requirements for enterprise pensions, hoping that it can effectively reduce the social security burden of the state finance. For example, on the 17th of last month, Bush signed a new pension reform bill, strictly requiring American enterprises to allocate enough annuities to ensure employees' retirement benefits. According to the new bill, American companies must take more responsibility for employee pension plans, from the current 9% allocation ratio to 1%, and make up the arrears of pensions in the next seven years. Enterprises with insufficient funds will be severely punished, and enterprises with less than 8% funds will be prohibited from improving their welfare benefits. For the new bill, supporters believe that it will at least fill the loopholes in the current retirement security system and help provide Americans with more stable retirement benefits. Bush called the bill "the most extensive reform of the pension legal system in the United States in more than 3 years." Senator Mike Ench said that this bill will be the cornerstone of the future American retirement protection mechanism. But critics also believe that this will increase the burden on enterprises and weaken their competitiveness.
Singapore Social Security Fund: It is strictly forbidden for the government to misappropriate
the relatively independent institutional setup, high-standard supervision and management mode representing the interests of the three parties, thus ensuring the reliability and security of Singapore's provident fund
Singapore is a small island country with a population of just over 4 million. However, with the continuous development of economy, Singapore has gradually formed its own unique social security system, which is known as the most successful old-age security system in the world-"Central Provident Fund System". This is a comprehensive social security savings plan, which provides millions of Singaporeans with life security and confidence after retirement.
On July 1st, 1955, Singapore enacted the Central Provident Fund Ordinance, started to implement the Central Provident Fund system, and set up the Central Provident Fund Bureau to handle related affairs. In the past 5 years, in order to meet the needs of Singaporeans in housing, medical care, family security, investment and financial management, the Central Provident Fund Bureau has implemented a number of innovative measures, which has expanded the system from a single pension function at the beginning of its establishment to several major aspects of social life, including retirement, health care, owning real estate, family security and increasing the value of provident fund savings.
the cornerstone of social security
Singapore's central provident fund is compulsory savings insurance with the participation of the government, employers and employees. As the most important protective net and the cornerstone of social security in Singapore, the Central Provident Fund stipulates that the personal accounts of members under 55 are divided into ordinary accounts, health savings accounts and special accounts.
among them, the savings in the general account can be used for housing, insurance, investment and education expenses under approved conditions; The health savings account is used for hospitalization expenses and medical project expenses under approved circumstances; Savings in special accounts are used for old-age care and emergency expenses. After the age of 55, their personal accounts are changed into retirement accounts and health care savings accounts, and their members can withdraw part of their savings after the amount in the central provident fund plan account reaches the minimum requirement.
The government does everything possible to ensure the interests of citizens
Because the provident fund system stipulates that its members can use part of the accumulated funds to buy houses, stocks and pay for education and hospitalization expenses, in order to avoid the pension insurance being affected by excessive use of the provident fund for other payments, since January 1987, the Singapore government has implemented the minimum deposit plan, stipulating that after reaching the age of 55, a minimum deposit must be reserved in its provident fund account (a separate retirement account) for the 62-year-old. Every July, the Provident Fund Bureau will adjust the minimum deposit amount to reach the predetermined target amount. The current minimum deposit is about S $9, (about US$ 57,).
In addition, in order to encourage Singaporeans to save pensions for unemployed spouses or parents, the Provident Fund Bureau began to implement the minimum deposit requirement in 1987, that is, when their parents or spouses fail to meet the minimum deposit requirement at the age of 55, members can choose to make a transfer with cash or provident fund savings, while members can enjoy a tax-free deduction of up to S $7, (about US$ 4,44) per year. At the same time, members under the age of 55 can choose to transfer their provident fund savings from their ordinary accounts to special accounts. The purpose is to fill the cash required by the minimum deposit in special accounts, which is also to help members accumulate enough cash savings for them when they retire and enjoy higher interest rates in special accounts.
After reaching the age of 55 and the minimum deposit in the retirement account, members can withdraw their provident fund in one lump sum, or they can withdraw their provident fund in the following circumstances: permanently leaving Singapore or permanently disabled or insane. If a member dies, his provident fund can also be used as an inheritance, and the designated beneficiary can apply for withdrawal.
improve laws and regulations to ensure the security of provident fund
The Singapore government recognizes that provident fund is a very effective tool in managing the national salary government and the overall economy. Faced with the huge amount of provident fund deposits, the government did not misappropriate them to build office buildings and municipal construction, but standardized them in strengthening management and services.
The state has enacted a law on provident fund. The Provident Fund Bureau is a statutory body with financial and administrative autonomy, and the President has the right to check the accounts of provident fund. The Provident Fund Bureau is mainly composed of employers' representatives, employees' representatives and government representatives. Relatively independent organization, high-standard supervision and management mode representing the interests of the three parties have laid a foundation for strengthening the management of provident fund and ensuring its reliability and security.
In order to facilitate members to receive provident fund in time, the government has set up additional service outlets in places where residents are concentrated, and it is convenient for members to inquire and manage their provident fund deposits by electronic means. Strict management, sincere service, taking from the people and using it for the people ensure the safe operation of the provident fund and promote the continuous increase of the deposits of participating members.
At present, there are more than 3 million members of provident fund in Singapore, and the total amount of provident fund exceeds 1 billion US dollars, which has greatly promoted social stability and national health and welfare.