Interpretation: How to divide the overall model of social insurance funds?

Interpretation: How to divide the overall model of social insurance funds?

Social security fund refers to social insurance fund, social pooling fund, individual account fund (fund in individual account in the basic old-age insurance system), enterprise annuity (enterprise supplementary security fund) and national social security fund. The social security fund, which is centrally managed by the central finance, is managed by the National Social Security Fund Council, and consists of funds allocated from the reduction of state-owned shares and equity assets, funds allocated by the central finance, funds raised by other means approved by the State Council and their investment income.

Let me introduce to you how to divide the social insurance fund pooling model.

Basic knowledge of funds: What is the social security fund _ social insurance fund pooling model? The financing mode of social insurance fund can be divided in many aspects from different aspects. Summarizing the current international practice, there are four main modes:

1. pay-as-you-go social pooling model

Social insurance institutions raise social funds for the total amount of retirement pensions that retirees need to pay, that is, units and individual employees, or all units pay insurance premiums according to a certain proportion of total wages. The burden of endowment insurance is intergenerational transfer, that is, the pension expenses of retired employees are borne by one generation of employees, while the employees themselves are borne by the next generation. The main features of this model are: flexible rate adjustment; High social economy and easy operation. There is no threat of inflation and interest rate fluctuation in the fund, and it has the characteristics of realizing fairness through redistribution.

2. Social pooling partial fund accumulation system model

Is it necessary to establish partial fund accumulation within the framework of overall social financing, on the one hand, to continue to implement pay-as-you-go pension for retirees, and on the other hand, to prepare partial accumulation funds for the peak retirement period? Fixed income by expenditure, with a slight balance and a certain accumulation? In principle, a few percentage points should be appropriately raised on the basis of the current overall rate as a long-term overall adjustment and use of the provident fund.

3. Personal account deposit fund system model

This model starts from the employees' work, and the units and individuals pay the insurance premiums according to a certain proportion of the total wages, which are credited to personal accounts. As a long-term accumulated and value-added fund, its ownership belongs to individuals. When employees reach the statutory retirement age, they will be paid to individuals on a monthly basis in the form of pension annuity according to the total amount accumulated in their personal accounts (including the principal and interest of insurance premiums). The main characteristics of this model are that self-protection is integrated into social insurance, the incentive mechanism is strong, the transparency is high, it is conducive to supervision and management, it can form funds raised in advance, accumulate value for a long time, and individuals can guarantee the future for a long time, which has the characteristics of efficiency orientation.

4. Capital accumulation mode

Combination of social pooling and individual accounts

Its core is to introduce the mechanism of personal account deposit fund system, and the accumulation fund is based on personal account, while maintaining the mechanism of social co-ordination and mutual assistance. Most of the insurance premiums paid by the unit are used to pay the expenses of retirees, and all the insurance premiums paid by individual employees enter the employee's personal account together with some insurance premiums paid by the unit.

This model has an incentive mechanism and a supervision mechanism because of the establishment of individual pension accounts. At the same time, it also retains the advantages of social co-ordination and mutual assistance, and integrates the strengths of personal account deposit fund system and pay-as-you-go social co-ordination system, preventing and overcoming their weaknesses and possible problems. Theoretically speaking, the advantages of this model outweigh the disadvantages, and it is a new model explored in China's pension insurance reform.

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