The latest retirement pension policy?

The latest retirement pension policy is to increase the proportion of enterprise and employee contributions, delay the retirement age, and optimize the provincial coordination system. At the same time, individuals are encouraged to participate in commercial pension insurance.

With the aging of China's population becoming more and more prominent, the issue of retirement pensions is also increasingly becoming a focus of social concern. For this reason, the government has repeatedly introduced retirement pension-related policies to adjust and improve. Recently, the latest retirement pension policy mainly includes the following aspects: first, to increase the proportion of enterprise and employee contributions. 2018 onwards, the proportion of enterprise employees' basic pension insurance unit contributions gradually increased to 16%, and the proportion of individual contributions gradually increased to 8%. The move is aimed at increasing the income of the pension insurance fund and easing the pressure on the fund. The second is to delay the retirement age. According to the Social Insurance Law of the People's Republic of China*** and the State of China, starting from January 1, 2022, the normal retirement age of enterprise employees will be gradually delayed, and by 2027 it will be generally delayed to over 60 years old. This move is aimed at delaying the timing of pension payments and easing the tightness of the fund. Third, optimizing the provincial coordination system. In response to the differences in pension levels in different regions, the government has recently begun to promote provincial-level co-ordination to unify the management of pension funds in different cities, counties, districts and townships, and to optimize the way the funds are distributed. Fourth, encouraging individuals to participate in commercial pension insurance. In its latest policy, the government proposes to encourage individuals to participate in commercial pension insurance to supplement national pension insurance. At present, some cities have introduced relevant policies to provide certain subsidies and tax incentives for individuals to buy commercial pension insurance.

How to improve retirement pension benefits? Improving retirement pension benefits requires greater investment by the government as well as multifaceted efforts by enterprises and individuals. The government can raise pension benefits by increasing financial subsidies, improving the basic pension adjustment mechanism and other initiatives. On the other hand, enterprises and individuals should actively participate in commercial pension insurance, reasonably plan their own pension plans, and improve their own level of pension protection. In addition, strengthening the supervision and investment management of the social security fund is also the key to improving retirement pension benefits.

The latest retirement pension policy mainly includes measures such as raising the contribution ratio of enterprises and employees, delaying the retirement age and optimizing the provincial-level coordination system. The government encourages individuals to participate in commercial pension insurance to supplement state pension insurance. Improving retirement pension benefits requires the efforts of the government, enterprises and individuals on many fronts,**** with the construction of a more comprehensive pension security system.

Legal basis:

Interim Measures on the Retirement and Retirement of Workers Article 1 Workers of enterprises, institutions and state organs and people's organizations under universal ownership should retire if they meet one of the following conditions:

(1) Men aged 60 or over, women aged 50 or over, with ten years' continuous service;

(2) Engaged in the underground, (b) engaged in underground, high altitude, high temperature, particularly heavy physical labor or other work harmful to health, men reaching fifty-five years of age, women reaching forty-five years of age, ten years of continuous service; this provision also applies to the working conditions of the grass-roots cadres and workers with the same conditions;

(c) men reaching fifty years of age, women reaching forty-five years of age, ten years of continuous service, certified by a hospital, and confirmed by the Labor Appraisal Board

(d) work-related disability, certified by the hospital and confirmed by the Labor Appraisal Committee, total loss of working capacity.