The Pension System Will Adjust &Nbsp; China'S Pension Personal Account Gap Is As High As 1 Trillion And 700 Billion.

"If the European debt crisis is the last straw to crush the prime ministers of the four countries, pension is the last cause of the debt crisis, and how China's pension reform should learn from Europe is a sobering issue." Zheng Bingwen, director of the world social security research center of the Chinese Academy of Social Sciences, said.

In fact, even without the European pension crisis, the financial risk of Chinese pensions is determined. System reform It is urgent.

Zheng Bingwen told the Morning Post reporter that as of the end of 2010, the amount of personal accounts in China was 1 trillion and 900 billion yuan, of which only 203 billion 900 million yuan in real accounts was equal to 1 trillion and 700 billion yuan. In a report released by the world bank, it is more anticipated that "in accordance with the current system and mode, between 2001 and 2075, China's pension insurance revenue and expenditure will be as high as 9 trillion and 150 billion yuan."

At present, China's urban workers' pension system is a system of combining social pooling with personal accounts. Individuals and enterprises pay insurance premium respectively by 8% and 20% of the total wages of their employees respectively. In theory, the insurance premiums for personal account funds are paid by individuals 8%, and 20% of enterprises' contributions are allocated to the overall fund.

　　 overall social planning It refers to the unified collection by the social insurance agencies (all social security bureaus) in accordance with the law (some provinces are collected by the local taxation department), unified management and unified adjustment and utilization in the territorial scope, mainly for the pension of the current retirees. Personal accounts refer to the accounts of the social insurance agencies, which are identified by the identity card numbers of the residents, and are the only accounts for each of the employees who participate in the basic old-age insurance. They are used to record the endowment insurance premiums and interest amounts paid by the employees. Their account balances are used by the insured when they retire. However, in actual operation, the personal account fund has been used in the capital account of the social co ordinate account. The so-called "honest" is that personal account funds should not be used to pay the overall account.

At present, China is trying to make personal accounts in some areas, but the prospect is not optimistic. Liaoning, China's first pilot pilot province for personal accounts, has failed for ten years.

Experts believe that as the first pilot in Liaoning province to make personal accounts, the bottom line marks the abortion of China's personal account system. The basic pension system in China is facing two reforms.

Although there is still a balance in the current income and expenditure of China's pensions, in fact, there are many private accounts in the country running empty accounts. The funds of personal accounts and overall accounts are all involved in the accounting of income and expenditure. In fact, personal account funds are involved in the payment of social co ordination, which means that the future pension fund will fill the hole of the current co-ordination funds.

According to data released by Hu Xiaoyi, Vice Minister of human resources and social security in March 7th, China's pension income last year was about 1 trillion and 300 billion yuan, and its expenditure was about 1 trillion and 200 billion yuan, with a slight surplus. Accordingly, Hu Xiaoyi said: "from the national level, there is no problem of pension gap."

If we only look at all the pension income and expenditure, Hu Xiaoyi's statement is in line with the facts. However, domestic scholars believe that although there is still a balance in the current income and expenditure of China's pensions, there are actually many private accounts in the country running empty accounts, and the funds of personal accounts and co-ordination accounts are all involved in the accounting of income and expenditure. In fact, personal account funds are involved in the payment of social co ordination.

Dai Xianglong, director of the National Council for social security fund, said that at present, Chinese urban workers pay 8% of their wages and establish personal cumulative accounts. Employers pay 20% of their total wages, and the government establishes a basic pension account. However, the accounts of social accounts can not be absorbed, occupying the funds of individual accounts, and forming a gap between the income and expenditure of the pension.

Dai Xianglong said that although the two pension income is larger than the pension expenditure, this situation is not in line with China's reform direction of establishing a social pension plan and personal accumulation.

What worries the Chinese is the fact that the actual gap between the actual income and expenditure of Chinese pensions has also been enlarged.

A challenge comes from the basic. endowment insurance The financial pressure brought by the expansion of coverage.

Data provided by Hu Xiaoyi during the two sessions of the National Committee showed that as of the end of last year, the two new social insurance schemes, namely, the new rural insurance and the urban residents' old-age insurance, had reached more than 60% of the national direct deployment pilot areas, and the number of urban and rural residents who had insured had exceeded 332 million. If combined with the pilot projects carried out by all parts of the country, the total number of insured persons has exceeded 364 million.

Scholars believe that with the increasing number of insured people, China's aging tide is coming quickly, and the financial worries of pensions are gradually becoming dominant.