What countries in the world use state-owned assets to enrich the social security fund?

Oh, using state-owned assets to enrich the social security fund will only make the society regress

One, the U.S. social security fund investment management model

The U.S. social security system is a representative of the self-insurance public assistance type. In terms of system design, the U.S. social security system places great emphasis on efficiency, and the reciprocal emphasis on rights and obligations reflects the efficiency goal of the system.

1. The general framework of the social security system in the U.S. The enactment of the Social Security Act in 1935 marked the birth of the U.S. social security system. It is mainly composed of two major parts: social insurance and social welfare. Among them, the social insurance program mainly includes four aspects: pension insurance, health insurance, workplace accident insurance and unemployment insurance. Pension insurance is the main body of social insurance, which is mandatory, and its capital expenditure accounts for 80% of the social insurance expenditure. The pension insurance system is divided into three levels below, namely, national mandatory insurance, enterprise annuity plan and individual pension savings.

2. Social security fund mobilization. State compulsory pension insurance mainly comes from the social insurance contributions paid by employers and employees, and the government also covers part of the pension insurance contributions. It is financed through a social security tax, with employers and employees each contributing 7.65%. Old-age, survivors', and disability insurance is financed by the federal government through four main sources: payroll taxes, social security income taxes, interest on trust fund investments, and federal government subsidies. Medical insurance funds are financed by employer and employee social security taxes, voluntary insured contributions, railroad retirement account transfers, investment earnings, and government subsidies. The main source of unemployment insurance benefits is the employer's payroll tax, which is paid to the government at the rate of 3 percent of the employee's annual wages, of which 2.7 percent is reserved for the states as an unemployment insurance fund and another 0.3 percent is turned over to the federal government as an administrative fee. Workers' compensation insurance is also paid primarily by the employer, typically 2% of the employee's annual wage.

3. Social security fund investment and operation. The U.S. social security fund is divided into two levels, federal and state, the federal government directly establish and manage the basic pension fund (OASI), the fund has reached 600 billion in 1997, each year will be a surplus of about 100 billion, but the federal government on this part of the conservative investment strategy, restricting it can only buy the federal government's special bonds, and can not buy other securities. But state-managed ones can join the venture capital industry. Private pension plans in the United States are not managed by the employer or the enterprise itself, and most are managed by an employee representative organization that sets up a management committee and employs specialized managers to engage in specific management work and investment operations. Private pension funds generally entrust life insurance companies, commercial banks, trust and investment companies or individual trustees as agents for investment. The choice of trustee is left to the decision of the fund managers. The selection is based on the creditworthiness of these investment institutions. The trustee does not guarantee investment returns and the size of the fund's accumulation, but rather a consulting actuary assesses the appropriateness of the fund's investment returns and the size of its accumulation. After the fund enters a trust investment organization, it is invested in the following areas: government bonds and corporate bonds, corporate stocks, overseas investments, and real estate. After the enactment of the Employees' Pension Insurance Act, the government's legalized management of private pensions has been continuously strengthened. For example, the regulation of disclosure and notification of pension operating information, companies must notify employees of the operating profile of their pension accounts as well as individual employee earnings on an annual basis.

4. The significance of reference. From the management of the main body, China's social security fund and the U.S. OASI is basically similar. But the current systemic risk of China's capital market is large, and there are still deficiencies in the performance evaluation and regulatory model of the investment of the National Social Security Fund. The U.S. federal government's experience in managing the prudent management of public *** pension plan funds is well worth learning from. From 2000 to 2004, the U.S. private retirement funds suffered large losses in the capital market, according to the U.S. Pension Insurance Corporation's conservative estimate of 300 billion U.S. dollars in capital losses, and the lessons of such failures are worthy of our vigilance. The U.S. state government regulations actively support the pension investment organizations as shareholders to participate in the governance management and supervision of listed companies, social security funds to enter the capital market is not suitable for short-term speculation, the proportion of stock investment is not suitable to increase too fast, etc. are worthy of our reference.

Second, the Swedish social security fund investment management model

1. The framework of the Swedish social security system. The social security provided by Sweden is mainly six major aspects: one is child protection, such as children under 16 years old can receive the corresponding child allowance every month. Secondly, education security, in addition to free education, high school and university students can receive a monthly grant. Thirdly, health care, Sweden's health insurance coverage rate is currently as high as 100 percent. Fourth, unemployment protection, the unemployed from the sixth day of unemployment from the State to receive 80% of the unemployment benefits. Fifth, housing security, which is provided mainly to low-income families. Sixth, old age security, nationals receive a minimum pension after reaching the age of 65.

2. Mobilization of social security funds. Social insurance premiums in Sweden are borne by employers, employees and the state treasury*** together. Sweden's basic social insurance programs have adopted a pay-as-you-go, intergenerational payment financing model, specifically: the basic pension insurance fund source is the basic pension insurance contributions, the state treasury allocation subsidies, the local treasury allocation subsidies; supplementary pension insurance fund source is the supplementary pension insurance contributions, the fund income, the state treasury and the local treasury does not bear the cost of the subsidies; the source of the unemployment insurance fund is the unemployment insurance contributions

3. Social security fund investment and operation. The Swedish pension insurance system consists of five parts: guaranteed pensions, income-based pensions, fund-based pensions, supplementary pensions and private pensions. It is the latter three components that can enter the investment field. The Swedish Funded Pensions Authority, as the main investment manager of Swedish pensions, is responsible for the investment of the balances (buffer funds) in the income-based pensions and the investment of pensions entrusted to it by individuals in the fund-based pensions. There are no restrictions on the scope and proportion of its investments, and it can invest in global markets, which provides it with favorable conditions for reducing investment risk and increasing returns.At the end of 2001, its investment portfolio consisted of 17 per cent Swedish equities, 65 per cent global equities, 9 per cent indexed government bonds, 4 per cent hedge funds, 4 per cent shares in private companies, and 1 per cent cash. Of these, 40% of the assets were in active investments and 60% in passive investments. The Pension Board manages 20% of the assets directly, focusing on active investments in indexed bonds and the Swedish stock market, while the remaining 80% of the assets are entrusted to external investment managers.

4. Learning from the significance. Sweden is a model for the operation mode of state welfare-based social security funds. Although the government is also continuously reforming the social security system, this reform is very mild and has not changed the general framework. The Swedish government believes that financial difficulties are not caused by welfare policies and that welfare and reform can go hand in hand. This concept has positive reference value for solving the problem of widening income gap in the process of social security system reform in China, especially in the process of market-oriented reform and in the process of economic development.

Third, the Chilean social security fund investment management model

1. The framework of the Chilean social security system. since the 1980s, Chile has begun to implement a new model of social security fund management based on individual accounts, privatized management and market-oriented operation, which has had an important impact on Latin American countries. Chile's social security system mainly includes old-age insurance (including survivors and disability), public **** medical system, unemployment insurance, social assistance and other aspects.

2. Social security fund mobilization. Chile emphasizes the principle of workers' self-accumulation and self-protection. Through the establishment of individual accounts, monthly deposits of 10% of wages, the earnings linked to individual contributions, the savings accumulated in the individual account ultimately become the source of funds for their respective pensions. At the same time, the traditional model of three parties*** bearing the same burden in the past has been changed, with the introduction of separate individual contributions at a prescribed rate, employers not bearing pension contributions and the Government bearing the final risk. Chile also has voluntary savings, voluntary contributions, contractual savings, unemployment compensation and other programs.

3. Social security fund investment and operation. Chile provides for pension fund investment projects and limits. For example, government bonds up to 50%, mortgage bonds up to 80%, deposits and securities guaranteed by financial institutions up to 30%-50%, bonds issued by private and public **** companies up to 50%, company shares, real estate, productive assets, foreign bonds, up to 10%.

4. The significance of borrowing. The creation of personal accounts in Chile has dramatically improved efficiency in some key areas of pension management, but it has also faced a number of problems, the main ones being that the expansion of coverage has been hindered by the reforms, and that commercial private pension funds are too costly to manage. Our country has begun to address the problem of empty personal accounts, and should quickly resolve the problems of the pension security system's fragmentation of each other, the inability to transfer the surplus and deficit from region to region and from industry to industry, and the imbalance in the burden of contributions, as well as designing a pension system suitable for those employed in the informal sector and expanding social security coverage; at the same time, the government should impose strict restrictions on investment in high-risk investment instruments, and with the improvement of the financial environment , the government can gradually liberalize investment restrictions.