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Zheng Gongcheng, President of the China Society for Social Security: The conditions for the pension fund to achieve national pooling tend to mature

March 15, 2019 04:05

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Summary
[Zheng Gongcheng, President of the China Social Security Association: The conditions for the pension fund to achieve national co-ordination tend to be mature] The conditions for the realization of the national pension fund for the pension fund are becoming more and more mature." Zheng Gongcheng, member of the Standing Committee of the National People's Congress and president of the China Social Security Association During the two sessions, in an exclusive interview with the Economic Information Daily, the general trend of China's basic pensions will not change, and there will be sufficient reserves and guarantees to ensure that the pensions are fully paid in place. The next step is to accelerate the national pooling of pension funds and ensure the sustainability and fairness of the pension system. This year, the scale of central adjustment funds has increased significantly compared with last year, and the rate of enterprise pension insurance has been reduced to 16%. It has also created conditions for the unified payment rate after the basic pension insurance has been nationally coordinated. (Economic Information Daily)

"PensionfundThe conditions for achieving national co-ordination are constantly maturing. During the two sessions of the Standing Committee of the National People's Congress and the President of the China Society for Social Security, Zheng Gongcheng said in an exclusive interview with the Economic Information Daily that the general trend of increasing basic pensions in China will not change, and that there is enough to ensure that the pensions are fully paid in place. Reserves and guarantees. The next step is to accelerate the national pooling of pension funds and ensure the sustainability and fairness of the pension system. This year, the central adjustment fund scale has increased significantly compared with last year, and the enterprise pension insurance rate has dropped to 16%. After the national overall planning for the basic old-age insurance, the unified contribution rate created conditions.

This year's government work report proposes to continue to raise the basic pension for retirees.

Under the current pressure on pension revenue and expenditure, what is the space for raising the basic pension for retirees? “The general trend of continuous improvement of basic pensions will not change.” Zheng Gongcheng said that the factors that determine the improvement of pensions include at least two. First, pension growth should take into account inflation, and will rise with rising prices. Second, it must be Let the elderly share the national development results reasonably. This year's pension will be raised by about 5%, which is a comprehensive consideration of these two factors.

However, Zheng Gongcheng also pointed out that before 2016, China's pensions maintained a growth rate of around 10%, which contained historical compensation components. With the changes in the social and economic situation, historic compensation will end. In order to establish a normal growth mechanism in the future, we must fully consider the price changes, economic growth, and wage growth of on-the-job employees, and establish a scientific adjustment formula, each year or every Automatic adjustment in two years, with reasonable and moderate growth, to ensure that retirees share the fruits of economic and social development, but also to provide stable and safe expectations for all elderly people.

On the one hand, pensions should maintain reasonable and moderate growth; on the other hand, the pressure on pensions in some regions is still relatively high. How to ensure the sustainability and fairness of the system? In Zheng Gongcheng's view, the national pooling of pension funds is the key. "The central pension adjustment system established last year is the first step in the basic pension insurance from the regional division to the national integration. The correct signal released is that the basic pension insurance system is a national system, not a local system. The national co-ordination of pension insurance is imperative, and it will ensure that workers do not suffer from the same fair pension benefits due to free movement throughout the country, and truly achieve institutional fairness."

The data shows that in 2018, the total size of the central adjustment fund for enterprise employees' basic old-age insurance funds was 242.23 billion yuan, and the actual difference was 61.03 billion yuan. In Zheng Gongcheng's view, although the scale of the central adjustment fund is still not very large, it has already played a certain role in the adjustment of pensions nationwide. According to the relevant budget, the central adjustment of gold this year will more than double the amount of the previous year, and the adjustment is even stronger. For those areas where pension funds are not covered, it will be able to better relieve stress.

"The establishment of the central adjustment fund system is in line with the objective law of the pension system, and it is a real way to let the basic endowment insurance system go to the national co-ordination. I hope that the central adjustment fund will be more vigorous, and we will do everything possible to accelerate the pace and turn to the national co-ordination. This year, we will be able to formulate specific plans for national co-ordination, and truly realize the national co-ordination of pension funds in the next two years." Zheng Gongcheng said.

"From the current situation of advancement, we are full of confidence in realizing the national pooling of pension funds as soon as possible." Zheng Gongcheng said that the conditions for the realization of the national pension fund for the national pension fund are constantly maturing. First, the central adjustment is increasing efforts, and the overall progress is generally smooth. Second, this year, the enterprise pension insurance rate has been reduced to 16%, which not only reduces the burden on enterprises, but also creates conditions for the basic pension insurance to achieve nationwide pooling and achieve a unified contribution rate; Third, this year's state-owned capital transfer to enrich the endowment insurance fund must exceed the previous year, which is conducive to overall regulation; fourth, the provincial level to accelerate the promotion, but also create better conditions for the realization of the national pool.

(Article source: Economic Reference)

                (Editor: DF380)

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