In the current volatile economic environment, the issue of old-age security has undoubtedly become a hot topic of public discussion. Especially with the intensification of the aging of China's population, ensuring that the retired group can enjoy a higher quality of life and ensuring their peace of life in their later years has become a problem that must be solved by the joint efforts of all sectors of society.
By the end of 2023, the total number of participants in China's basic pension insurance, unemployment insurance and work-related injury insurance will continue to increase. Among them, the number of participants in the basic pension insurance has reached 106.6 billion, and the number of people insured by unemployment insurance was 24.4 billion, and the number of people insured by work-related injury insurance reached 30.2 billion. These data not only reflect the wide coverage of China's social security system, but also show the stability of the operation of social insurance, with a cumulative balance of 824 trillion yuan.
In order to further strengthen the old-age security system, the relevant departments have proposed to actively implement the unified management of the national old-age insurance to ensure the timely and adequate payment of pensions. At the same time, it is also planned to expand the coverage of enterprise annuities and encourage qualified village-level collective economic entities to pay subsidies for pension insurance for urban residents, so as to increase the cumulative amount of individual accounts.
The policy also aims to encourage flexible employment groups and workers with new employment types to join the pension insurance system, and implement a pilot project of work-related injury insurance for direct settlement of medical treatment across provinces and regions. In the 36 cities and regions where the pilot project has been launched, the individual pension system is gradually becoming standardized, and 50 million citizens have established their own accounts and are beginning to experience the practical benefits of personal pensions.
The personal pension system, as a supplementary pension security, provides a flexible retirement life planning tool for modern people through first-class support, voluntary participation and market-oriented operation. This system not only provides tax incentives, but also allows participants to choose their own investment products, meeting people's needs for independent planning for retirement.
The introduction of personal pension marks the comprehensive and multi-level development of China's old-age security system, and builds a comprehensive retirement security system based on three pillars. In this system, the basic pension insurance, enterprise annuity and occupational pension provide basic and supplementary protection as the first two pillars, while the personal pension system provides additional flexible protection as the third pillar.
Operationally, individuals participating in the personal pension system open personal pension accounts through the national social insurance public service platform or commercial banks, choose compliant financial products for investment, and enjoy tax incentives. This series of measures not only provides more security for retirees, but also strengthens their confidence in their future life.
With the advancement and improvement of the personal pension system, the public's expectations for the future pension life have gradually increased. This is not only the choice of financial products, but also the pursuit of a more secure and high-quality retirement life. In the face of the increasingly severe problem of population aging, the personal pension system undoubtedly provides a feasible solution path, making the future pension life more worth looking forward to. So, how can we further optimize and promote this system, so that more people can benefit and jointly build a more solid social safety net?