article 68 social insurance funds shall be deposited in special financial accounts, and specific management measures shall be formulated by the State Council.
Interpretation of this article is about the provisions of the financial accounts of social security funds.
special financial accounts refer to special accounts opened by financial departments at all levels in designated commercial banks for unified accounting and centralized management of extra-budgetary funds. The specific practice of depositing social security funds into the financial special account is: if social security agencies collect social insurance premiums, they can open income households in commercial banks, and regularly deposit the social insurance premiums collected by income households into the financial special account, and the income households can only collect them, and there is no balance at the end of the month. Where social insurance premiums are levied by tax authorities, no income households are set up in commercial banks, and they are directly paid into the state treasury, and then transferred from the state treasury to the financial special account.
In the process of legislation, there are different opinions on whether the social security fund should be deposited in the financial special account or the national treasury. One view is that there are three security loopholes in the current financial account management model: first, there are many intermediate links, the information is opaque, and the fund is easily intercepted and misappropriated by the department; Second, financial accounts are set up in commercial banks, which are the main market operators and may close down or go bankrupt due to poor management; Third, commercial banks have no obligation and responsibility to audit the payment link, and there is the possibility of "rent-seeking" in order to pull deposits. Therefore, the social security fund should be deposited in the national treasury and paid by the national treasury. Another view is that the current mechanism of depositing social security funds into special financial accounts works well, and a relatively sound financial management system, accounting system, collection management system, payment operation process and supervision and control mechanism have been established. The special financial account model can effectively ensure the safety of social security funds.
from the scientific, reasonable, standardized and efficient point of view, there are sufficient reasons to deposit social security funds into the state treasury, which should be the development trend. However, due to great differences of opinion, the special authorization of this law is determined by the State Council according to the actual situation and needs.
article 69 under the premise of ensuring safety, social insurance funds shall be invested and operated in accordance with the regulations of the State Council to maintain and increase their value.
the social insurance fund shall not be used for illegal investment and operation, for balancing other government budgets, for building or rebuilding office space, for paying personnel expenses, operating expenses and management expenses, or for other purposes in violation of laws and administrative regulations.
Interpretation of this article is about the provisions on maintaining and increasing the value of social security funds.
1. Investment and operation according to the regulations of the State Council
Investment and operation are bound to have market risks, even loss risks. Therefore, in order to ensure the safety of funds and minimize market risks, the state has a development process on how to invest and operate social security funds. At present, the relevant departments are actively studying and drafting the management measures for the investment operation of other parts of personal accounts, and promoting the preservation and appreciation of funds by standardizing and establishing the investment operation mechanism.
2. prohibitive provisions
(1) the state has strict requirements on the capital, operation mode, operation subject, investment channels and structure of investment operations. in order to minimize investment risks, it is necessary to invest and operate through stable channels in strict accordance with state regulations and not to invest and operate illegally in any form.
(2) The social security fund shall not be used to balance the budgets of other governments. It is a special fund, earmarked for special purposes and accounted for separately, and cannot be confused with financial funds. Government budgets include government budgets, government fund budgets, state-owned capital operating budgets and social security fund budgets, and governments at all levels may not use social security funds to balance other government budgets.
(3) The construction of office space that is not allowed to be used for building office space and paying the operating expenses of the agency shall meet the standards set by the state, and its source of funds shall be special financial funds. There are certain expenses for handling social insurance, including office space, personnel expenses, basic operating expenses, management expenses, etc. In order to ensure the integrity and safety of the fund and also reflect the characteristics of the government-run social insurance system, many documents in China clearly stipulate that the operating expenses and management expenses of social security agencies shall be borne by the finance.