Basic pension will realize national coordination Guangzhou agency social security

The 13th Five-Year Plan proposes to achieve national coordination of basic pensions for employees and establish a reasonable adjustment mechanism for basic pensions. In the book "Guidance Reader" recently published by the People's Publishing House, Finance Minister Lou Jiwei published a signed article "Establishing a Fairer and More Sustainable Social Security System" and proposed to achieve national coordination of basic employee pensions and accelerate the establishment of a more fair and sustainable social security system. A fair and more sustainable social security system.
Our country is entering an aging society at an unprecedented speed. The aging of the population will cause the dependency ratio to continue to increase, the revenue and expenditure gap will also expand rapidly, and the expenditure pressure on pension insurance funds will continue to increase. The operation of the pension insurance system will face great challenges in the future.

At present, provincial-level co-ordination measures for pension insurance have been introduced across the country. However, due to differences in burden ratios between regions, payment pressures vary and fund balances vary. Achieving national coordination of the basic pension insurance system can resolve differences in regional burden ratios and effectively play the role of mutual assistance.

Lou Jiwei said that the reform of the pension insurance system will be accelerated and reforms will be mainly carried out in six aspects.
First, improve the individual account system for employee pension insurance. Strengthen the connection between individual contributions and benefit levels, ensure that the more you pay, the more you will get, the longer you pay, the more you will get, and encourage participation in insurance premiums. As retirees expect their remaining lives to be extended, the number of months for pension calculation in personal accounts should be reasonably adjusted. Improve the interest rate method for personal account accounting, and study and improve the personal account balance inheritance policy.
Second, realize national coordination of basic employee pensions. We will comprehensively consider issues related to system design, the division of powers and expenditure responsibilities between the central and local governments, actively and steadily promote the national coordination of employee basic pensions, and enhance the ability to adjust the balance of funds.
Third, enrich the sources of income for social insurance funds. Broaden investment channels for social insurance funds and promote market-oriented, diversified, and professional investment operations of funds. Gradually increase the proportion of state-owned capital gains turned over to public finance, to 3 per year, with more used to protect and improve people's livelihood. Transfer part of state-owned capital to replenish social security funds.
Fourth, gradually delay the retirement age. Taking into account the changing trends of my country's population structure, employment structure and the requirements for sustainable development of social security, a policy of progressively delaying the retirement age has been introduced. The receiving age for basic pension for urban and rural residents will be raised appropriately and appropriately in a timely manner.

Fifth, accelerate the development of supplementary pension insurance. Improve the personal income tax deferred tax policy for enterprise annuities and occupational annuities, expand the pilot program of personal tax-deferred commercial pension insurance, encourage employees to participate in personal savings pension insurance, and promote the establishment of a multi-level pension insurance system.
Sixth, establish a reasonable growth mechanism for basic pensions. The basic pension level should be reasonably determined based on the income of employees and residents, and a normal adjustment mechanism should be established that comprehensively considers major factors such as income growth and price changes.
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