The Ministry of Human Resources and Social Security announced at the press conference on the 25th that the pilot of the personal pension system, which was previously launched in November 2022, will be implemented in 36 cities and regions at the earliest. At present, the results of the summary are that the operation is stable, and the first work has achieved positive results, so the next step will be to promote the full implementation of the personal pension system. The personal pension system is known as the "third pillar" of people's pension in the future, and it may become the most important pillar.
However, Mr. De has also made a careful analysis, if you want to fully implement the personal pension system, it may not be enough to support the tax exemption policy of tax deduction! Because Mr. De has calculated before, if the monthly income is less than 10,000 yuan, this tax exemption policy may not be used at all. In other words, the benefits of this third pillar are too small, and the number of people benefiting is too small.
The existing individual income tax reduction policy and the monthly tax exemption limit of 5,000 yuan are indeed enough for low- and middle-income workers. That is to say, the policy support given by the personal pension system is actually not attractive to the majority, or the vast majority of the people.
The first pillar of personal pension is the social security pension, which is compulsory for each worker or each enterprise, in which the individual pays less money, the enterprise pays more, and the future retirement can receive social security pension. The second pillar is the enterprise annuity and occupational annuity, which is a benefit given to employees by the enterprise or unit, all of which are paid by the unit. According to the statistics so far, there are not many participating enterprises, and the scale of funds formed is very small, and the number of people benefited is naturally relatively small.
The third pillar of personal pension is the personal pension system. It is that individuals take out their own money to plan their own pension supplements during the work stage. The maximum amount of contributions per year is 120,000 yuan, and currently in the pilot stage, the number of people who have opened accounts exceeds 50 million. Now the Ministry of Human Resources and Social Security is preparing to fully roll out the whole country, which means that workers across the country can participate.
So if you want to smoothly promote it to the whole country, you will actually encounter two problems, if you can't solve it, you may not be able to form a good effect in the future.
1. The maximum annual contribution of personal pension is 120,000 yuan, there are currently only three investment channels, either pension deposits, pension insurance, or pension financial management. However, the interest rate of pension deposits is getting lower and lower, so it cannot be said that the interest rate is so low, and it cannot be used before retirement, so the interest in investing in pension deposits is very small. The negative pension insurance is also a lot of people who don't understand and don't support it.
Of course, the most disappointing thing is the pension financial products, which in the past more than a year of trial time, the public can see in the personal pension area of major banks, many personal pension financial products loss, the range has reached more than 30%. In other words, there is no ability to even protect the capital, let alone long-term value-added and hedging!
Second, if the wage level of workers is not high enough, there is no need to pay individual income tax every year, or the use of the existing individual income tax reduction and exemption policy is enough, then the current policy support given by the personal pension system has become chicken ribs, useless! Since they pay for their old age and do not give certain preferential treatments, why do workers give this money to those investment institutions or financial institutions every year? Wouldn't it be nice to keep it for yourself?
If these two problems cannot be solved, where is the potential for workers' active participation? The process of establishing the third pillar will not be smooth. Pensions