16 new pension insurance policy

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The latest policy of endowment insurance 20 17

It is clear that for retirees who have gone through retirement procedures before 20 16 12 3 1 and received a monthly basic pension, the overall adjustment level is determined according to about 5.5% of the monthly basic pension for retirees in 20 16 years.

The "Notice" proposes that the adjustment of the basic pension for retirees should take into account the retirees of enterprises, institutions and institutions, and adopt a combination of quota adjustment, hook adjustment and appropriate tilt in accordance with the principle of general unification of adjustment methods. Quota adjustment should embody the principle of fairness; The adjustment of the hook should reflect the incentive mechanism of "more work and more pay", which can be linked to factors such as the payment period (or working years) of retirees and the basic pension level; For senior retirees and retirees from enterprises in hard and remote areas, the adjustment level can be appropriately improved. The funds needed to adjust the basic old-age pension are paid by enterprise employees from the basic old-age insurance fund, and by government agencies and institutions.

New policy of endowment insurance 20 17

The circular stressed that all regions should take measures such as expanding the coverage of old-age insurance, strengthening fund collection, improving provincial-level overall planning, adjusting the structure of fiscal expenditure, and increasing subsidies for old-age insurance funds, so as to improve the payment capacity of old-age insurance funds and avoid new arrears.

The "Notice" requires that all regions should attach great importance to it, earnestly strengthen leadership, carefully organize implementation, accurately interpret policies, correctly guide public opinion, and ensure the smooth progress of all work. According to the unified deployment of the State Council, combined with the local reality, formulate specific implementation plans, reasonably determine the adjustment level and mode, and make careful arrangements for the organization and leadership, work progress and fund guarantee of pension adjustment, and report it to Ministry of Human Resources and Social Security and the Ministry of Finance for approval before May 3 17. It is necessary to strictly follow the implementation plan approved by the two ministries and commissions, put all adjustment policies in place, and not raise the adjustment level or break through the adjustment policies by itself. Areas that raise the adjustment level by themselves will be held accountable by informed criticism, and the central financial subsidy funds will be deducted accordingly.

On April 24th, the high social security rate in China has brought a heavy burden to enterprises and individuals, but there is also a certain degree of "virtual fire". On April 23rd, a person familiar with the matter told beijing business today Today reporter that Lou Jiwei, president of China Finance Association and chairman of the National Social Security Fund Council, explained in detail the difficult problems in the reform of China's old-age insurance system at the 20th17th annual meeting of China Finance Association and the 2nd1National Financial Theory Seminar held at the weekend.

Lou Jiwei said that although the current social security premium rate in China is very high, it is still unable to achieve actuarial balance. In addition to the reason why the aging speed is getting faster and faster, the key is that there is something wrong with the incentive mechanism, and the willingness to pay endowment insurance is generally not high. Lou Jiwei revealed that at present, the reality of China's pension insurance payment is that many enterprises and individuals are willing to reduce the payment base (income) in order to achieve the purpose of paying less. At present, the national average endowment insurance payment base is less than 70% of the actual salary, which means that although the nominal burden rate of enterprises on endowment insurance is 20%, the average actual burden ratio is only 14%.

New policy of endowment insurance 20 17

Unrealistically high interest rates.

Changing the long-standing high social security contribution rate and reducing the burden on enterprises and individuals is one of the important contents of this government reform. In recent years, from the central government to the local government, new policies to reduce the payment ratio of "five insurances and one gold" through various channels have emerged one after another. Some experts in the industry said that this means that the proportion of social security contributions other than basic medical care and endowment insurance in China has been reduced as much as possible. In the future, relevant departments may choose to temporarily reduce or exempt unemployment and work-related injury insurance for industries with difficulties in starting businesses and high tax burdens, and the basic pattern of "five insurances and one fund" may be broken.

In this context, the pension insurance is still "inactive" and the rate adjustment is very limited. In the field of social security research, most experts regard the basic old-age insurance as a "hard bone" in the reform of reducing the rate, not only because the old-age insurance is the "big head" with the heaviest payment ratio among the "five insurances and one gold", but also because this life-saving money is facing increasingly severe pressure of balance of payments, and local governments have been unable to make ends meet in the current period.

But in fact, the seemingly high pension insurance rate has not been fully realized. According to Lou Jiwei, China should pay an average of about 30% of wages instead of basic old-age insurance, and the difference between the nominal burden rate of the unit and the actual burden rate is as high as 6%. In this regard, Qi Chuanjun, deputy secretary-general of the World Social Security Research Center of China Academy of Social Sciences, analyzed that there is indeed a problem that China's pension insurance payment base is not solid. Although the contribution rate has always maintained a high proportion, it has not actually reached this level. The root cause of this problem lies not only in the heavy burden brought by high rates, but also in the lack of incentive mechanism in China's basic old-age insurance system. There is little difference in the level of protection enjoyed by those who pay according to the low standard and the high standard in the collection stage. This view also coincides with Lou Jiwei's argument. "At present, China's pension insurance still cannot achieve actuarial balance. The key is that the incentive mechanism is wrong, which leads to no motivation for everyone to pay insurance."

Lack of incentive mechanism will reduce income.

"Only when the principle of paying more and getting more is truly realized, the insured personnel will take the initiative to pay the fees, and all kinds of moral hazards that escape and avoid will automatically disappear. The reason why the housing provident fund system has a long life is that there is no' two rates' because it follows the principle of paying more and getting more. Therefore, before reducing the rate, we should first comprehensively deepen the reform of the institutional structure. It is impossible to reduce the rate without reform. " Zheng Bingwen, director of the World Social Security Research Center of China Academy of Social Sciences, said.

In the industry's view, if during the Twelfth Five-Year Plan period, China mainly solved the fairness of the dual-track pension system for government agencies and institutions, then the financial sustainability of the social security system will be the core issue that needs to be faced during the Thirteenth Five-Year Plan period. Zheng Bingwen said that China's pension insurance system has a balance of payments. The policy of "expenditure end" is very strong, and the scale of expenditure and the level of treatment are quite rigid. If the income-paying ability of the "income end" can't meet the requirements of the "expenditure end", the difference between these two parameters is too far, indicating that the income-paying ability of the system is too poor.

Specifically, Zheng Bingwen said that the weak ability to pay income caused by poor incentives within the China system is the first problem to be solved in the reform process. "Because the incentive of China's old-age insurance system is not ideal, the principle of overpaying is not really established, the payment is seriously out of touch with the rights and interests, and the system design is complicated, resulting in a considerable number of insured people not knowing how much they can get back when they retire." Zheng Bingwen said frankly that in this case, it has become the choice of many employed people to pay more wages and only a basic pension.

"In addition, the current unsatisfactory old-age insurance management system in China has also affected the financial capacity of this system. At present, the dual collection system of endowment insurance premiums in China coexists, resulting in insufficient income. " Some experts in the industry bluntly said that according to the relevant regulations, the collection agencies of social insurance premiums are stipulated by the people's governments of provinces, autonomous regions and municipalities directly under the Central Government, which can be collected by tax authorities or social insurance agencies. The current situation is roughly equivalent to 50%. In the process of collection, in order to reduce the task base for next year, the amount of collection completed by some local tax authorities is often the lowest threshold, which also leads to the lack of motivation for local relevant departments to supervise the insured units and individuals to pay in strict accordance with the actual income level.

The effect of encouraging pensions to enter the market is unpredictable.

In fact, Ministry of Human Resources and Social Security has long been aware of the lack of incentive mechanism for endowment insurance. More than a year ago, Ministry of Human Resources and Social Security made it clear that China was improving the incentive mechanism for excessive pay. Taking the old-age insurance for urban and rural residents as an example, Ministry of Human Resources and Social Security said that at present, the government pays the basic pension in full to the insured who meet the conditions for receiving treatment, and appropriately raises the basic pension for a long time; For these people's personal account pensions, the individual contributions and government subsidies of the insured are included in the personal account. Insured people choose their own grades to pay, and the more individual contributions, the more government subsidies they enjoy, which also makes the more personal accounts accumulated, and the more personal account pensions the insured people receive after reaching retirement age. However, many people in the industry said that these policies are relatively less attractive to payers and it is difficult to meet the more "heavy" payment pressure.

Zheng Bingwen suggested that the main means to improve the institutional incentive mechanism is to increase the proportion of personal accounts. The greater the proportion of individual accounts, the higher the enthusiasm of the insured, the more likely it is to increase the incentive of the system and improve the ability to pay and earn, thus improving the payment ability and sustainability of the system. In the long run, it is generally believed in the industry that only by entering the market and other means can the endowment insurance fund improve its ability to maintain and increase its value can it more effectively improve the enthusiasm of most people.

At the beginning of this year, Lu Aihong, deputy director and spokesperson of the Policy Research Department of Ministry of Human Resources and Social Security, publicly stated that this year, China will prudently promote the investment and operation of the basic old-age insurance fund, take various measures to enhance the fund's support capacity, and basically finalize the first year of pension investment in the market. The tone of the word "stable" is the first.

In mid-March, there were also media reports. When Lou Jiwei publicly responded to the progress of pension entering the market, he said that all the relevant funds have entered the market and the investment is conservative. "The phased balance of pension funds has just started to enter the market, because its entrustment period is generally five years and the time is short. If the loss during the period is large, it will be difficult to balance after five years, so the investment direction of the fund will be more conservative. " In this regard, some insiders told the beijing business today reporter today that it is obvious that there is still a long way to go for pension funds to achieve significant value-added through new investment means such as entering the market, and it is difficult to encourage the insured to pay in a short time.