Recently, the “China Enterprise Annuity Development Symposium” hosted by the China Society of Social Security was held in Beijing. More than 100 professionals from some provincial and municipal human resources and social security departments, retirement finance-related institutions, universities and research institutions discussed and offered suggestions on the practices, results and experiences of the development of enterprise annuities in my country.
Enterprise annuity is an important part of the multi-level pension system
On May 1, 2004, the “Trial Measures for Enterprise Annuity” and “Trial Measures for the Management of Enterprise Annuity Fund” were officially implemented. It has been 20 years since then.
Enterprise annuity is called the “second pillar” of pension insurance. It refers to a supplementary pension insurance system voluntarily established by enterprises and their employees on the basis of participating in basic pension insurance in accordance with the law.
On March 27 this year, the 2023 National Enterprise Annuity Fund Business Data Summary released by the Ministry of Human Resources and Social Security showed that as of the end of 2023, there were 141,728 enterprises establishing annuities, with 31.4404 million employees and an accumulated fund of 3.187396 billion yuan.
“Enterprise annuity is an important part of the multi-level pension system and a product with great potential in retirement finance. Whether it is based on people's livelihood needs and a sound pension system, or based on the goal of building a financial power, it should be Pay attention to the development of enterprise annuities.
Continue to expand corporate annuity coverage
It is worth noting that compared with the participation scale of basic pension insurance for town workers, the current coverage rate of enterprise annuity is not high. So, how to promote the development of enterprise annuity?
Mao Pengyue, deputy director of the Zhejiang Provincial Department of Human Resources and Social Security, shared Zhejiang’s specific measures to promote the development of enterprise annuities at the meeting, “It is necessary to lower the entry threshold, expand coverage, and encourage qualified cities and counties to provide payment subsidies for employers and individuals. In addition, private enterprises are encouraged to combine their own characteristics, start from a low proportion and a small scale, give priority to establishing enterprise annuities for personnel with outstanding contributions, and gradually promote them.
Hu Qiuming, vice president of the Pension Branch of the China Society of Social Security and deputy dean and professor of the Insurance School of Southwestern University of Finance and Economics, said that at present, we should promote industrial transformation and upgrading and improve the level of human capital accumulation, help enterprise annuities expand and provide inclusive benefits, and give full play to enterprise annuities. The productivity effect, corporate governance effect and tax benefit effect can be achieved, and the functional positioning of enterprise annuity in the multi-level pension security system can be realized.
Zheng Gongcheng said that it is necessary to further reduce the burden on employers to pay basic pension insurance premiums, allow enterprise annuity management to return to the market, support small and micro enterprises or even individual industrial and commercial households, social organizations, etc. to establish or jointly establish enterprise annuities, etc., through innovative mechanisms , continue to expand corporate annuity coverage.
Optimizing the development environment for enterprise annuities
The establishment of a multi-level pension insurance system is in response to the aging population and the need to promote the sustainable development of the pension insurance system.
“We must continue to optimize the development environment of enterprise annuities and strive to promote enterprise annuity product innovation.” Zheng Gongcheng emphasized that although enterprise annuities have policy implications, they are still generally financial products. As a product, they should give full play to their product effects, that is, by improving Adding value to attract more customers is the only way to go.
“Since the implementation of the enterprise annuity system, there has been a considerable policy foundation and practical basis. The direction of optimization is in the compulsory and convenient participation, the incentive and convenience of the policy content, and the incentive and universality of the policy content. and other aspects should be strengthened. The fourth is to simplify the establishment conditions and thresholds in a targeted manner; the fifth is to optimize the policy design of each link; and the sixth is to strengthen platform construction, including building a national unified annuity information platform and establishing a public enterprise annuity management service platform. .
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