With the deepening of China's aging population, the issue of old-age care has become the focus of social attention. In order to improve the level of national pension security, China** launched a personal pension system in April 2022. The implementation of this system marks the further improvement of China's old-age security system.
The personal pension system refers to the system of policy support, individual voluntary participation, market-oriented operation, and the realization of the supplementary function of pension insurance. The personal pension implements the personal account system, and the payment is entirely borne by the participant, and the independent choice to purchase financial products such as savings deposits, wealth management products, commercial pension insurance, and public offerings in accordance with the provisions of the individual pension system is implemented, and the preferential tax policies are enjoyed in accordance with the relevant provisions of the state.
As of the end of June 2023, 31 provinces (autonomous regions and municipalities directly under the central government) and the Xinjiang Production and Construction Corps have launched personal pension systems, with 28.17 million participants and a cumulative contribution of more than 10 billion yuan in personal pension accounts. From the perspective of regional distribution, the number of insured people and the amount of contributions in the eastern coastal areas are significantly higher than those in the central and western regions. From the perspective of age structure, young and middle-aged people under the age of 45 are the main force to participate in the insurance, accounting for more than 60%.
However, in order to realize the "dragon rise" of the personal pension system, a series of problems need to be solved.
1. Raise awareness.
At present, many people do not know much about the personal pension system, and even have some misunderstandings. Therefore, it is necessary to strengthen the publicity and popularization of the personal pension system, so that more people can understand its significance and role, and improve the enthusiasm for participation.
2. Improve preferential tax policies.
An important advantage of the personal pension system is that it can enjoy preferential tax policies. However, the current tax incentives are not perfect enough and need to be further optimized to make them more attractive.
3. Enrich investment products.
The investment products of personal pensions should be diversified and risky to meet the needs of different investors. At the same time, it is also necessary to strengthen the supervision of investment products to ensure their safety and stability.
Fourth, improve the quality of service.
Personal pensions involve multiple departments and institutions, and it is necessary to strengthen coordination and cooperation, improve service quality and efficiency, and provide more convenient and high-quality services for participants.
The implementation of the personal pension system is an important reform of China's old-age security system, which is of great significance for improving the level of old-age security of the people. In order to realize the "dragon rise" of the personal pension system, it is necessary for enterprises and individuals to work together to strengthen publicity and promotion, improve policies and regulations, improve service quality and efficiency, and provide a more solid guarantee for people's later life.