Opinions of Hebei Province on Improving the Basic Endowment Insurance Policy for Employees

First, the basic situation of the old-age insurance system in China

(A) the basic old-age insurance

The basic old-age insurance shall be shared by the state, enterprises and individuals, and shall be managed by the financial and social security departments by combining social pooling with individual accounts. The state is responsible for organizing social insurance to ensure the payment of the "basic old-age insurance fund", and the long-lived retirees will continue to pay according to the original standard after the payment is completed. At present, according to the general thinking of the country on the basic old-age insurance system, the main purpose of the basic old-age insurance fund is to ensure the basic life of retirees in their later years, and the target replacement rate of the basic old-age insurance in the future is determined to be 40%-60%.

(2) Supplementary endowment insurance

The basic old-age insurance only guarantees the basic needs of retirees. On this basis, the government encourages enterprises with economic ability to hold supplementary pension insurance for employees, that is, enterprise annuity or industry annuity. Strictly speaking, supplementary pension insurance is neither a national basic social pension insurance nor a pure commercial pension insurance fund business, but a policy and commercial pension insurance fund business.

(3) Commercial insurance and personal savings endowment insurance

Commercial insurance and personal savings endowment insurance are collectively referred to as commercial endowment insurance business, which can be divided into group business and personal business. The main forms of products are endowment insurance and annuity insurance, and the main forms are group dividend annuity products and group investment linked insurance.

Second, China's old-age insurance system, the main problems

(A) the overall policy level of endowment insurance

1. The basic old-age insurance has not achieved "full coverage", which has aggravated social injustice to some extent. At present, the basic old-age insurance system is mainly aimed at urban workers, and the rural old-age security policy is not perfect. Although the new rural social endowment insurance (hereinafter referred to as the new rural endowment insurance) was piloted nationwide in 2009, a new rural endowment insurance policy combining individual contributions, collective subsidies and government subsidies was established, but the coverage needs to be expanded. Even in cities and towns, the basic old-age insurance mainly covers enterprise employees. Unemployed people in cities and towns and residents whose employment is unstable and cannot be included in the basic old-age insurance system for employees lack policy-based old-age security.

2. The current endowment insurance policy for landless peasants is not reasonable. According to the policy, farmers who have lost more than 50% of their land will be given old-age insurance, and the proportion of contributions will be borne by the government, village collectives and individuals, 50%, 20% and 30% respectively; If the loss of landless farmers is less than 50%, the government and the collective will not bear the insurance payment. Some unqualified landless peasants have opinions on this and are unwilling to actively cooperate with the government in land acquisition; There are also some eligible land-expropriated farmers who are unwilling to bear 30% of the expenses themselves because of their short-sightedness.

3. The endowment insurance policies of enterprises, institutions and civil servants are not uniform. The implementation result of the current pension fund payment model is that "the pension fund of retired employees and civil servants in public institutions reaches about 90% of their on-the-job income, while the pension fund of retired employees in enterprises only accounts for about 60% of their on-the-job income". This leads to "people with the same education, even senior engineers and people with high education, the same working years and titles, and the per capita monthly income of retired civil servants is much higher than that of retired enterprise employees".

(2) Basic old-age insurance

1. The problem of empty accounts in personal accounts of basic old-age insurance is outstanding, and the national financial pressure is enormous. Since the current pension insurance policy combining social pooling with individual account was established in the early 1990s, social pooling and individual account funds are not managed separately. In order to make up for the lack of funds in social pooling accounts, a large amount of funds accumulated in personal accounts are used to distribute pension funds for retired employees, making personal accounts exist in name only.

2. The basic old-age insurance fund has a single investment variety, and the pressure of maintaining and increasing the value of the fund is great. According to the relevant provisions of the state, the balance of the basic old-age insurance fund shall be deposited in the bank or purchased with government bonds, except for two months' payment, and investment in other financial activities and business undertakings is strictly prohibited. This provision does ensure the safety of the fund, but ignores the value-added of the fund. The newly implemented social insurance law stipulates that the social security fund shall be stored in the form of fixed deposit of not less than 1 year. At present, the increase of CPI has exceeded 5%, which is higher than 1 year bank interest rate.

(3) Supplementary endowment insurance

Relevant policies need to be further improved. First, the national unified preferential tax policies are still unclear. Second, the small and medium-sized enterprise annuity business operation lacks foundation, which greatly restricts the start of the market. Third, the existing investment laws and regulations can not fully meet the needs of customers, and the scope of investment varieties needs to be expanded. Fourth, the qualification of enterprise annuity management is scattered, which affects the rapid development of the market.

Third, policy recommendations.

(1) Achieve full coverage of basic old-age insurance as soon as possible.

In July, 20 1 1, the State Council issued the Guiding Opinions on Launching the Pilot Project of Social Old-age Insurance for Urban Residents, which clarified the policy of "combining individual contributions with government subsidies" and matched it with other social security policies such as family pension, social assistance and social welfare to ensure the basic livelihood of urban residents in old age. 20 1 1 The pilot work was officially launched on July 1, and the coverage rate of the first batch of pilots was 60%. It is suggested to speed up the pilot project of social endowment insurance for urban residents, realize full coverage of basic endowment insurance as soon as possible, and eliminate unfair phenomena in the field of social security.

(two) improve the old-age insurance policy for landless farmers, and unify the old-age insurance standards for enterprises and institutions and civil servants.

It is suggested that the state should formulate policies to cover the land-expropriated farmers whose land-expropriated area is less than 50%, and the government should give them appropriate insurance premiums according to the proportion of land-expropriated, so that all land-expropriated farmers can enjoy different degrees of pension benefits according to the land-expropriated area. At the same time, it is suggested to adjust the old-age insurance standard for landless farmers, and adjust the proportion of government, village collective and individual contributions to 70%, 10% and 20% respectively, so as to increase government input. Formulate relevant policies as soon as possible, unify the pension insurance standards of enterprises, institutions and civil servants, and let them enjoy the same national treatment.

(three) as soon as possible to clarify and implement all kinds of supplementary pension insurance tax preferential policies.

Formulate national preferential tax policies as soon as possible, enjoy relevant preferential tax policies in the stages of pension payment, investment and accumulation, and actively support the development of pension funds. Taking enterprise annuity as an example, in the payment stage, enterprises can enjoy preferential tax policies before tax according to a certain proportion; When an individual pays an enterprise annuity, a certain amount is deducted before tax, and if he receives it in advance before reaching retirement age, he shall pay taxes according to law. In the investment accumulation stage, the investment income transferred to personal accounts is exempt from personal income tax.

(four) to clarify the supervision institutions and responsibilities of the endowment insurance fund, and strengthen the cooperation and coordination of the supervision institutions.

We should revise laws and regulations, straighten out the relationship between approval and supervision of pension fund management companies, and clarify the responsibilities of relevant departments. We should learn from the concept of functional supervision. In practice, the social security department, as the main supervisor, should comprehensively supervise the pension fund management companies. China Banking Regulatory Commission, China Insurance Regulatory Commission and China Securities Regulatory Commission respectively supervise its trust behavior, insurance contract behavior and listing behavior.

(E) Encourage the establishment of bundled "endowment insurance fund management companies"

According to foreign practical experience, specialized pension fund management companies are the development direction of enterprise annuity market. China's "Trial Measures for Enterprise Annuity Fund Management" has clearly put forward the concept of "endowment insurance fund management company", which should be actively promoted.

(6) Take measures to expand the sources of basic old-age insurance funds and encourage the development of supplementary old-age insurance.

1. Used for the basic old-age insurance fund. First, we should make a personal account as soon as possible. The second is to reduce the actual burden of the insured by reducing the contribution rate of the basic old-age insurance, and then stimulate non-state-owned enterprises and farmers to participate in the basic old-age insurance system.

2. Used to supplement endowment insurance. It is necessary to improve the enthusiasm of enterprises and individuals to participate in enterprise annuity and commercial endowment insurance through reasonable and effective incentive mechanism, promote the development of enterprise annuity market and commercial endowment insurance with the help of market forces, reduce the financial pressure of basic endowment insurance, and further improve the "three pillars" endowment insurance system.

(seven) to provide more channels and products for the investment and appreciation of the endowment insurance fund.

In the future, enterprise annuities should be allowed to invest in derivative financial products, venture capital and other private equity markets, and more investment products should be developed, so that funds can have greater freedom in the choice of portfolio, and they can have higher ceilings on stocks and corporate bonds, but the investment ratio must be controlled.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.