As a supplementary pension security system, in recent years, the pace of entry into the market for occupational annuities has accelerated as the company's annuity has entered the market to achieve better returns. Recently, the results of the selection of occupational annuity investment managers in central government agencies and institutions have been released, which means that the A-share market will once again welcome another important long-term capital market operation.
Yesterday, Zhao Yazhen, a researcher at the CITIC Reform and Development Research Foundation, said in an interview with the Securities Daily that since the occupational annuity is similar to the enterprise annuity, in terms of investment style, pursuing low risk and stable income will be the main goal of its investment. With the entry of such long-term funds into the market, it is conducive to further change the investment style of the A-share market. It is expected that the investment methods of “storytelling” and “speculation” will gradually decrease.
It is reported that the occupational annuity refers to the supplementary endowment insurance system established by the government institutions and their staff on the basis of the basic endowment insurance of the institutions and institutions. It is neither social insurance nor commercial insurance, but a unit welfare system, which is a guarantee system established by institutions and their employees based on their own economic conditions. According to the "Notice on Printing and Distributing the Occupational Pensions of Institutions and Institutions" issued by the General Office of the State Council in March 2015, the expenses for occupational annuities are jointly borne by the units and individual staff. The proportion of the unit paying the occupational annuity is 8% of the total wages of the unit, and the proportion of individual contributions is 4% of the wages paid by the person. The policy has been implemented since October 1, 2014.
Chief of China Merchants Securities StrategyAnalystZhang Xia estimates that according to the current public information, there are about 40 million incumbents in China's public institutions (real accounts), and government agencies cover about 10 million employees (bookkeeping). If they are calculated according to the monthly salary of 3,000 yuan per person, In about four years from October 2014 to the present, the current occupational annuity accumulation of occupational annuity is about 748.8 billion yuan, and the annual increase in the future is about 187 billion yuan. As far as the proportion of its investment in the stock market is concerned, reference can be made to the current investment situation of the enterprise annuity. It is expected that the initial investment ratio after the occupational annuity will not be too high, assuming 7% to 10%, the current stock size will bring incremental funds of about 52 billion yuan to 75 billion yuan to A shares. In the future, incremental funds will be brought in between 13 billion yuan and 19 billion yuan each year.
"In the future, as this part of the funds enters the market and the scale is gradually expanded, it will bring incremental funds to A shares, and will become one of the important long-term value investment institutions in the A-share market, which will help investors in A-shares. Continuous optimization of the structure." Zhang Xia said.
(Article source: Securities Daily)