The pay-as-you-go system is also called the cash system. It is an accounting method to determine the current income and expenditure based on the actual time of receipt and payment. According to this standard, any income is not counted as income before the actual receipt of monetary funds; Before the actual payment of monetary funds, any expenses are not regarded as expenses. That is to say, all the income and expenses actually received in this period, whether it belongs to this period or not, are treated as the income and expenses of this period, and all the income and expenses not actually received in this period, even if some income and expenses have already occurred, are not treated as the income and expenses of this period. When dealing with daily economic business, this method is based on the principle that regardless of the amount of expenses, the length of benefit time and the time when income is determined, it is included in the current cost and income according to the time of payment. For example, if an enterprise subscribes to next year's newspapers and magazines at the end of the year, it will benefit from bank deposits, but according to the principle of pay-as-you-go system, it will be fully included in this year's cost.

The complete accumulation system, also known as the fund system, is a social security fund raising model based on the principle of long-term vertical balance. This model requires workers to raise social security funds by saving during the whole employment period, and establish personal accounts as long-term storage and accumulation funds. The ownership belongs to individuals, and they can receive them once or monthly when they meet the conditions for receiving them.

Partial accumulation system, also known as "partial fund system", is a combination of pay-as-you-go system and complete accumulation system. In the case of partial accumulation system, part of retirees' pension comes from pay-as-you-go financing, and the other part comes from full accumulation financing. Compared with the complete fund system and the pay-as-you-go system, the partial fund system not only maintains the intergenerational income redistribution function under the pay-as-you-go system, but also reduces the burden of contemporary people under the pay-as-you-go system and the risk of currency depreciation and the pressure of capital preservation and appreciation under the complete fund system through partial capital accumulation. Partial accumulation mode is a combination of pay-as-you-go mode and complete accumulation mode.

Reply time: 2020- 12- 15. Please refer to the latest business changes announced by Ping An Bank in official website.

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