1, pay-as-you-go system

Under the pay-as-you-go mode, the payment level is set as needed, and all the income collected from the old-age insurance of the working generation in that year is used to pay the old-age expenses of the retired generation, so as to support the fixed income and leave no balance. This model has the following advantages: first, intergenerational redistribution can better safeguard social equity and benefit low-income people; Second, the accumulation is small, which avoids a series of problems brought by the management of funds under the accumulation system, including high management costs and great pressure to maintain and increase value. The disadvantage of this model is that it only considers short-term balance of payments. When the aging is serious, the working generation will have greater pressure to pay, and when the payment burden is heavy, there will be cases of underpayment, arrears and refusal to pay. Financial subsidies are needed to make ends meet, which will bring greater pressure to finance when the situation is serious. It is these shortcomings that led the United States and Sweden to reform this model in 1983 and 200 1 respectively, and Germany is also plagued by these shortcomings at present.

2. Complete accumulation system

Under the mode of complete accumulation, individual employees and enterprises deposit funds into the personal accounts of employees in specialized institutions, and after retirement, employees withdraw the total payment and value-added funds from their personal accounts to maintain pension expenses. The advantages and disadvantages of this model are just the opposite of the pay-as-you-go system. It can not only resist the impact of the aging population, but also encourage employees to pay more to save their pensions without bringing economic burden to the elderly. Its shortcomings are also obvious. Emphasizing efficiency ignores social equity, and the old-age life of low-income people is not guaranteed. A large number of savings funds will face management risks such as interest rate, inflation and economic fluctuation. Singapore is a realistic example of this model.

3. The partial accumulation system of "unified account combination"

Under the partial accumulation mode of "unified account combination", part of the payment income of enterprises and employees in that year is included in the social overall planning, and the other part is included in the employee's personal account. Social pooling funds are managed and used by the government, and personal account funds are used as personal pension savings. Retirees' pensions come partly from social pooling and partly from personal account accumulation. This system is a compromise between pay-as-you-go system and total accumulation system. We hope to integrate the advantages of the two systems, which not only pays attention to efficiency, encourages employees to work hard and accumulate more, but also gives consideration to fairness and embodies economy. When the population structure is aging, the accumulation of some retirees can reduce the pressure on the government and the next generation. At the same time, the accumulated funds are less than those under the complete accumulation system, which partially reduces the management costs and risks. However, if the retired generation does not have personal account funds accumulated, the social pooling funds paid by the working generation are not enough to pay for the old-age expenses of retirees in that year. Without other sources of funds, personal account funds will be misappropriated to fill the vacancy, and the unclear repayment subject of switching costs will make this system difficult to achieve. For example, China is currently facing such an embarrassing situation, and the United States, which is in the period of reform, is also facing such problems.

4. "Personal account" partial accumulation system

Under the "personal account" partial accumulation system, pensions paid by employees and enterprises are included in personal accounts, but personal accounts only record payment records, and pensions are calculated according to the total payment of personal accounts when individuals retire. Not all the pensions paid are saved, but some of them are used to pay the pensions of retirees that year. . Compared with the pay-as-you-go system, the advantage of this system is that the payment level of personal pension is linked to the payment record, which can reflect efficiency, motivate people to work hard and provide guarantee for the income source of pension. In addition, the system has accumulated a small amount of funds, reduced the management cost and avoided various risks in managing funds. The shortcomings of this system are also obvious: first, it ignores social equity, low-income people pay less, and the old-age life is not guaranteed; Second, while encouraging payment, it also determines the future payment level, and needs other sources of funds in the case of insufficient income. This is the actual old-age insurance model in Sweden.

Provisions on endowment insurance:

Ministry of Human Resources and Social Security and the Ministry of Finance jointly issued the Notice on Adjusting the Basic Pension for Retirees in 20 18. It is clear in the notice that from June 0, 2065438+2008+65438+2065438, the basic pension level will be raised for retirees from enterprises, institutions and institutions who have gone through retirement procedures according to regulations and received basic pensions on a monthly basis before the end of 2065438+2007. The overall adjustment level is about 5% of the monthly basic pension for retirees in 2065438+2007, and it is estimated to be 65438. This adjustment will continue to adopt a unified adjustment method combining quota adjustment, hook adjustment and appropriate tilt. The quota adjustment reflects social equity, and the adjustment standards for all types of retirees in the same area are basically the same; Linkage adjustment should reflect the incentive mechanism of "overpaying and getting more" and "overpaying and getting more for a long time", so that those who overpay and get more for a long time can get more pensions; At the same time, appropriately improve the adjustment level of senior retirees and retirees in hard and remote areas, and continue to ensure that the basic pension for retired cadres of enterprise troops is not lower than the average level of retirees of local enterprises.

To sum up, there are three financing modes of social endowment insurance: pay-as-you-go system, complete accumulation system and partial accumulation system.

Legal basis:

Article 11 of the Social Insurance Law of People's Republic of China (PRC)

The basic old-age insurance combines social pooling with individual accounts. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.