Direct reporting network Beijing October 28th (people's network) has an effect on China's aging population, the country's overall development, is related to the well-being of hundreds of millions of people. However, the industry and academia have high hopes for the third pillar of the pension system - "personal savings for the elderly" has been lagging behind. One of the important reasons lies in the restraint of the tax system, that is, the delay in the introduction of tax incentives. Experts believe that the current tax reform is the development of China's pension insurance personal savings pension important window period.

The three pillar pension balance of basic pension insurance "article"

The universal pension system roughly divided into three parts: government leading public endowment insurance is the first pillar, most of the financing mode of PAYG; supplementary pension plans are the second pillars of the establishment of the employer, the financing mode of fund accumulation; personal storage self accumulation storage type pension plan is the third pillar.

Is the same with the, about twenty years ago, China's pension system has been put forward the "three pillar pension top-level design", namely the basic old-age insurance the first pillar, the second pillar of the enterprise annuity (occupation, the third pillar of the pension) personal pension savings account.

In fact, from the current point of view, three pillar pension development is not balanced, the government, as the main pension system of basic old-age insurance for urban workers "a dominant", squeezing the second pillar and the third pillar of the development. Because of the high proportion of basic pension contributions and the lack of tax incentives, the development of enterprise annuity is slow, and personal savings account is not established.

The central bank financial research institute, former director of Dacheng Fund chief economist Yao Yudong in an interview, the first pillar of pension funds in Chinese China now is about 3 trillion and 100 billion yuan, US $2 trillion and 800 billion; the second pillar Chinese is 770 billion yuan, US $15 trillion; the third pillar China has not started, the United States is $7 trillion and 440 billion. China's three pillars of a total of 3 trillion and 870 billion yuan, but mainly rely on the first pillar.

However, is called the first pillar of the basic pension insurance, but also facing the financing side of the end of the double squeeze and replacement rate.

Prior to May 1, 2016, China's basic pension insurance contributions by enterprises and individuals are 28%, at a high level in the world. China pension finance 50 people forum (CAFF50) pointed out that from the perspective of the world, OECD national public pension contribution rate average of about 20%, China's public pension contribution rate is high.

Although, after May 1st, around the implementation of the stage to reduce the proportion of basic pension insurance units, from 20% to 19%, the proportion of individual contributions is still 8%. But in the economic downward pressure on the background, the burden of enterprises increased, the basic insurance to expand the coverage of space close to exhaustion, the first pillar of the financing side there is a greater pressure.

From the expenditure side, CAFF50 secretary general, Renmin University of China School of public administration Professor Dong grams with the research shows that in the system, the substitution rate of the basic endowment insurance, retirement pension can get a percentage of pre retirement salary, maintained at about 70%. However, after 2000, the basic pension insurance replacement rate continued to decline, from 70.79% in 1997 fell to 45% in 2014. That is to say, when the retirement pension to receive less than half of the salary of retirement, has been lower than the International Labor Organization Convention pension replacement rate of 55% of the minimum standard.

Ministry of social insurance business management center released the China social insurance development annual report 2015, the disclosure of the data show that in 2015, an average of 2.87 workers per 1 retirees. The average number of monthly pension payments for only 17 months, in Heilongjiang, Jilin, Qinghai and other 8 provinces, the pension can be paid monthly number less than 10 months, Heilongjiang is only 1 months, reflecting the basic old-age insurance are facing difficulties from the side.

Not only that, the first pillar of high hopes, in terms of value added value is also in a more difficult situation. Under normal circumstances, the basic pension balance is often kept in the bank or the purchase of Treasury bonds. In 2015, the yield was 3.1%, the highest value since 2009.. 2009-2014 years of corporate pension fund yields were 2.2%, 2%, 2.5%, 2.6%, 2.4%, 2.9%.

A report by the Central Bank Deputy Governor Chen Yulu served as general counsel, Yao Yudong Dong Keyong, head of the "aging" trap "and" deal with the topic report, for example, to increase the value of investment in the capital market operation for more than 80% of about 27 trillion U. S. dollars of pension assets. In contrast, by the end of 2015, the existing stock of China's pension is still less than 7 trillion yuan, of which the market operation is still less than 50%.