中国养老金改革.pptx
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1、1Hewitt AssociatesH“Pension Reform in China”BY STUART H.LECKIE,O.B.E.,J.P.,F.F.A.,F.I.A.CHAIRMAN,GREATER CHINA HEWITT ASSOCIATES TEL:(852)2147 9278FAX:(852)2147 2822 E-mail:21 January 2002The Actuarial Profession-Ageing Population2Hewitt AssociatesHContents Map of China Map of China PRC Population P
2、RC Population Old System(Iron Rice Bowl)Old System(Iron Rice Bowl)World Bank World Bank Pension Principles for the Future Pension Principles for the Future New System(Safety Net)New System(Safety Net)Financing Financing Pension Assets Pension Assets Develop Capital Markets Develop Capital Markets Im
3、plementation Issues Implementation Issues Supplementary Pension Plans Supplementary Pension Plans Opportunities for Fund Managers Opportunities for Fund Managers National Social Security Fund National Social Security Fund Liaoning Experiment Liaoning Experiment Comparison of Hong Kong and PRC Compar
4、ison of Hong Kong and PRC Possible Developments in China Possible Developments in China Major Factors for an Ideal Retirement System Major Factors for an Ideal Retirement System3Hewitt AssociatesHMap of China4Hewitt AssociatesHPRC PopulationTotal:Total:Rural Population:Rural Population:+Urban Popula
5、tion Urban PopulationConsider:Consider:One Child Policy One Child Policy Greatly improved life Greatly improved life expectancy expectancy Dependency Ratio Dependency Ratio deteriorating rapidly deteriorating rapidlyExceeds 1.2 billion Exceeds 1.2 billion900 million 900 million+400 million 400 milli
6、onAges:Ages:0-14 0-14 100 million 100 million15-64 15-64 275 million 275 million65+65+25 million 25 million5Hewitt AssociatesHOld System(Iron Rice Bowl)Workers employed for life by State Owned Enterprises(SOE)Workers employed for life by State Owned Enterprises(SOE)Low Wages but Total Security Low W
7、ages but Total Security Pension at 60(Males)or 55(Females)=80%of final salary Pension at 60(Males)or 55(Females)=80%of final salary Pensions paid by SOEs Pensions paid by SOEs No Pre-funding or Reserves(i.e.pay-as-you-go),but what if No Pre-funding or Reserves(i.e.pay-as-you-go),but what if SOEs una
8、ble to pay pensions?SOEs unable to pay pensions?China is very concerned about social unrest resulting from China is very concerned about social unrest resulting from unpaid pensions and the unemployed unpaid pensions and the unemployed 6Hewitt AssociatesHWorld Bank In early 1990s,World Bank studies
9、how best to solve In early 1990s,World Bank studies how best to solve the ageing issues in China the ageing issues in China World Bank suggested a three pillar approach World Bank suggested a three pillar approach Government run basic pension Government run basic pension Privately run individual acc
10、ounts Privately run individual accounts Voluntary employer/individual savings Voluntary employer/individual savings 1993 and 1996 announcements on social security 1993 and 1996 announcements on social security reform reform Unify social security pension Unify social security pension Create individua
11、l accounts within basic social security Create individual accounts within basic social security Enhance with supplementary pension plans Enhance with supplementary pension plans7Hewitt AssociatesHPension Principles for Future Reduce pension expectations Reduce pension expectations Cost burden to be
12、shared by employer and employee Cost burden to be shared by employer and employee Move towards pre-funding Move towards pre-fundingReasons?Reasons?Population projections Population projections SOE restructuring SOE restructuring Develop domestic capital markets Develop domestic capital markets8Hewit
13、t AssociatesHNew System(Safety Net)New Unified Pension System Reform(July 1997)New Unified Pension System Reform(July 1997)Expand coverage to all urban employees Expand coverage to all urban employees Gradually raise retirement age(to 65 years for men&women)Gradually raise retirement age(to 65 years
14、 for men&women)Benefits Benefits Pillar I=Basic Pension of 20%of average provincial wages Pillar I=Basic Pension of 20%of average provincial wages Pillar II=Individual account based on 11%contributions Pillar II=Individual account based on 11%contributions Pillar III=Voluntary Supplementary Benefits
15、 Pillar III=Voluntary Supplementary Benefits9Hewitt AssociatesHFinancing Employee Employee Employer Employer=4%salary contribution=4%salary contributionincreasing by 1%every 2 increasing by 1%every 2 years up to 8%years up to 8%=Approx 20%of salary=Approx 20%of salary contribution contribution(Subje
16、ct to salary maximum(Subject to salary maximum and local variation)and local variation)10Hewitt AssociatesHPension Assets Pillar I and II pension assets approximately RMB 125bn,Pillar I and II pension assets approximately RMB 125bn,(US$15bn)in government bonds and deposits,managed by Social(US$15bn)
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