Introduction:
China is facing a severe challenge of population aging, which has brought tremendous pressure to old-age security, and the existing old-age insurance system is also facing the problem of unfairness. In order to adapt to the new normal of economic development, China has proposed a series of new pension insurance policies, aiming to establish a more fair and sustainable pension security system.
The implementation of the new policy marks China's deep reflection and active exploration of the old-age security system, and specific arrangements have been made in the establishment of a personal account system, increasing the cumulative treatment, improving the overall replacement rate, and strengthening the incentive and restraint mechanism. These measures will have a positive impact on pensions, help increase the accumulation of funds in personal accounts, improve the quality and efficiency of pension insurance, promote the transformation of economic development mode, and promote social harmony and stability.
1. Establishment of the personal account system
The new policy implements the personal account system, which means that each contributor will have his or her own pension account, and the funds in the account are calculated independently, and the accumulation of funds in the personal account will help improve the level of pension security.
For example, if a person who starts to pay pension insurance at the age of 25 pays 1,000 yuan per month and starts receiving a pension at the age of 60 after retirement, according to the National Social Security Administration**, his personal account will accumulate to 988,000 yuan by 2049. Through the establishment of the personal account system, the individual's pension savings will be given more choice and flexibility, which will help improve the level of personal pension security.
2. Increase cumulative benefits
The new policy stipulates that the insured can receive the basic pension insurance treatment after 15 years, and at the same time give additional subsidies to individuals who have paid for a longer period of time, which will further encourage individuals to participate in pension insurance, increase the participation rate and payment rate, and thus increase the accumulation and distribution level of pensions. For example, if an insured person pays 1,000 yuan per month and the payment period reaches 30 years, then he can receive a monthly pension of 4,173 yuan.
3. Improve the overall substitution rate
The new policy proposes to increase the overall replacement rate to ensure the sustainability and fairness of basic pension insurance. In the statistics of 2019, the total income of social insurance in China is 635 trillion yuan, of which the income of pension insurance is 275 trillion yuan, while spending is 252 trillion yuan, the break-even ratio is 917%。
The new policy will increase the overall substitution rate, reduce the payment pressure of enterprises and individuals by increasing the financial subsidy for pension insurance, and ensure the sustainability of pension insurance. For example, it is expected that starting in 2021, Suzhou will increase the replacement rate of pension insurance, from the current 25% to 40%, which means that more financial subsidies will be added for pension insurance.
Fourth, strengthen the incentive and restraint mechanism
The new policy also strengthens the incentive and restraint mechanism of the pension insurance system, and encourages people to delay retirement by adopting a variety of means, such as "pension **" and "raising the retirement age", so as to reduce the pressure on pension payments. For example, Beijing has begun to implement the "pension **" policy, for employees who are willing to delay receiving pensions, for each year of delay in receiving pensions, they can get 25% pension**, which will have a positive impact on easing the pressure on pension payments.
Summary:
Under the new pension insurance policy, China will establish a more fair and sustainable pension security system. The establishment of the personal account system will help increase the accumulation of funds in personal accounts and improve the quality and efficiency of pension insuranceIncreasing the cumulative treatment will further incentivize individuals to participate in pension insurance and increase the participation rate and contribution rate
Increasing the overall substitution rate will ensure the sustainability and fairness of basic pension insurance;Strengthening the incentive and restraint mechanism will encourage people to delay retirement to reduce the pressure on pension payments. However, in the process of implementation, it is also necessary to strengthen supervision and risk prevention, standardize the relevant market order, and ensure the safe and steady operation of funds.
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