Core tip: On May 8th, Jin Weigang, director of the Social Security Research Institute of the Ministry of Human Resources and Social Security, said at the symposium on “The third pillar construction of fund service pension” held by China Fund Industry Association, at present, in China’s three-pillar old-age security system, the first pillar is the only pillar, the second pillar is the short board, and the third pillar is still relatively weak. The burden on the first pillar is very heavy. Last year, the replacement rate of enterprise pension actually reached about 67%.
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As the “first pillar” of the old-age security system-the income and expenditure pressure of the basic old-age insurance fund continues to plus-sized, accelerating the establishment of the second and third pillars such as enterprise annuities and occupational annuities and personal pensions has increasingly become a hot topic in the industry.
On May 8th, Jin Weigang, director of the Social Security Research Institute of the Ministry of Human Resources and Social Security, said at the symposium on “The third pillar construction of fund service and pension” held by China Fund Industry Association, china must build a three-pillar pension system according to the Law of International Old-age security development. But at present, in China’s three-pillar old-age security system, the first pillar is the only one, the second pillar is the short board, and the third pillar is still relatively weak.
Jin Weigang introduced that the burden on the first pillar is very heavy. Last year, the replacement rate of enterprise pension actually reached about 67%.
After 13 consecutive increases, the room for improving the basic pension in the future is probably limited. Jin Weigang believes that the establishment of the third pillar at present mainly depends on some market institutions to promote spontaneously and turn it into active and active promotion by governments at all levels.
Qi Chuanjun, deputy secretary general of the World Social Security Research Center of Chinese Academy of Social Sciences, said in an interview with the reporter of Daily Economic News that the social consensus in the field of endowment insurance is to rely on the multi-pillar model, it is not realistic to rely solely on the state to solve the problem of old-age care. At present, the first pillar of our country is not satisfactory, the second pillar is too small, and the third pillar is almost blank.
The enterprise annuity system only covers 23 million people.
In the decision on the reform of the old-age insurance system for enterprise employees issued by the State Council in 1991, it clearly stated that, it is necessary to gradually establish a system combining basic old-age insurance with enterprise supplementary old-age insurance and employee personal savings old-age insurance system.
In this regard, Jin Weigang believes that it has been clear that China’s old-age security will build a three-pillar system consisting of the above three parts. But over the years, China has been extremely unbalanced in the development of these three pillars. As the first pillar, the basic old-age insurance has basically realized the full coverage of the system and is developing towards the full coverage of the population.
According to the data of the Ministry of Human Resources and Social Security, the total income of the basic old-age insurance fund for urban workers last year was 2.84 trillion yuan, the total expenditure was 2.58 trillion yuan, the current balance was more than 260 billion yuan, and the accumulated balance was 3.67 trillion yuan, the number of insured people is about 0.38 billion.
In this regard, Qi Chuanjun believes that in recent years, as the first pillar of old-age insurance for urban workers in our country, the basic old-age insurance for urban workers is only unsatisfactory, because the coverage of the basic old-age insurance for urban workers is still small, most people only receive a small amount of old-age insurance funds for urban and rural residents when they retire.
Jin Weigang introduced that as the second pillar of enterprise annuity, after more than ten years of development, it is still relatively slow on the whole, and only more than 70000 enterprises have established annuity, compared with the scale of more than 10 million enterprises in our country, it is less than 1%, covering only more than ,000 people, and only 7% of the people participating in the basic old-age insurance for enterprise employees, most employees and retirees in enterprises do not have enterprise annuities.
On last December, the China pension Development Report 2016 released by the Chinese Academy of Social Sciences showed that in 2015, 75454 enterprises participated in enterprise annuity, accounting for of the total number of enterprises, covering 23.16 million employees, the employee participation rate is only; The accumulated fund is 952.6 billion yuan, accounting for of GDP. Among them, the amount of payment of enterprise annuity 3/4 comes from state-owned enterprises, and the proportion of private enterprises dominated by small and medium-sized enterprises is very small.
At the same time, as a supplement to the pension of government agencies and institutions, the reform of occupational annuity system and the pension insurance system of government agencies and institutions has been promoted simultaneously. It has been officially implemented since October, 2014 and is still in its infancy.
Jin Weigang said: “As the third pillar of the personal pension system, although it was said that the State Council had already proposed the need to gradually establish the pension insurance system reform for enterprise employees as early as 1991, so far, the country has not specially introduced relevant systems and policies, and it still lags behind in the construction of the third pillar.”
Limited room for basic pension improvement
Jin Weigang introduced that according to the system design of basic old-age insurance in our country, the replacement rate of basic old-age pension reached when the payment reached 35 years. However, if the basic old-age insurance for employees in our country is calculated according to the base of paid wages, the replacement rate of enterprise pension has actually reached about 67% last year. This substitution rate is not as low as some experts say, that is to say, it has exceeded the upper limit of system design.
At the same time, by the end of this year, the pension of enterprise retirees in our country has experienced 13 consecutive increases, and by 2016, the per capita pension level has reached about 2,400 yuan.
Jin Weigang believes that in fact, the space for improving the basic pension is relatively limited. However, at present, people’s demand for pension benefits is still increasing, because the vast majority of retirees do not have supplementary old-age insurance such as annuity except basic pension, and the third pillar of China’s old-age security is developing slowly, therefore, most retirees can only rely on the first pillar.
It is worth noting that from the perspective of the income and expenditure of the basic old-age insurance fund for urban workers in recent years, although the overall balance scale of the country is still increasing, the current operation is relatively stable, however, the number of provinces that cannot be paid in the current period is increasing.
According to the annual report on China’s social insurance development 2015 released by the social insurance management center of the Ministry of Human Resources and Social Security, in 2015, Heilongjiang, Liaoning, Jilin, Hebei, the old-age insurance fund for urban enterprise employees in 6 provinces in Shaanxi and Qinghai will not be paid off at the current stage, while by the end of 2014, only Hebei, Heilongjiang and Ningxia will be paid off at the current stage.
Qi Chuanjun believed that many years ago, China had put forward the requirement of establishing a multi-level old-age insurance system. In the past, it was unrealistic to rely solely on the state to solve the problem of old-age care. What the state undertook was to meet some basic living needs, if you want to get a better retirement quality of life, you need other pillars.
Jin Weigang said that China must build a three-pillar pension system according to the Law of International Old-age security development. It is not only necessary to vigorously support the development of the second pillar, that is, enterprise annuities and occupational annuities, but also to actively promote the construction of the third pillar, especially to urge governments at all levels to actively and actively promote the establishment of the third pillar.
For the reason that the second and third pillars have not achieved better development for many years, Qi Chuanjun believes that one factor is that the tax preference is not enough, and the enterprise does not have enough motivation to establish an annuity system, however, many of the third pillar products in the market are still blank. He suggested that to solve the problem of the development of the second and third pillars, especially to accelerate the development of the third pillar, the infrastructure of the whole society should be matched, such as promoting the reform of the tax system.
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core tip: On May 8, Jin Weigang, director of Social Security Research Institute of Ministry of Human Resources and Social Security, said at the symposium on “The third pillar construction of fund service pension” held by China Fund Industry Association, at present, in China’s three-pillar old-age security system, the first