As China's first generation of only children enters the age of marriage and childbirth, the "4-2-1" family model will soon come. On the other hand, at present, more and more empty-nest families, their children support the elderly are often "wrong." Raising children and preventing old age is bound to become a kind of "luxury hope."

At the same time, relying on "wide coverage, low security" of the social pension insurance is also unable to live a high-quality retirement life, the replacement rate of Chinese enterprises employee pension has continued to drop below 50%. Moreover, according to research by the Chinese Academy of Social Sciences, the deficit in the personal accounts of the country’s pension has exceeded 2 trillion yuan, and nearly half of the province’s pensions have failed to pay.

In addition, a series of social problems, including an aging population, an increase in the average life expectancy, a lack of advance preparations, and inflation, have made the pension problem of the people increasingly severe. As of the end of 2011, there were only 358.89 billion yuan of planned and organized pensions in China, accounting for only 7.5% of the GDP of the year, and only 2,600 yuan per capita.

It is time to take care of your old age.

Nursing Home's "Desolation"

On December 27, 2012, at 10:00 a.m., Dongfeng East Road, Yuexiu District, Guangzhou, the sky floated with drizzle. People are tired of running around and they are in a hurry. In the corner of this city, the old garden of Lao Tang, next to the Yongxiu Bridge, seems to be being forgotten.

The old park is located in a two-story building in a residential building. The 2/3 area on the second floor is a "room" that is simply divided into partitions. Each "room" is equipped with a bed and a simple bedside table. There are few other furniture. The old people sleep, dress, eat, and even have to be in the "room." Desolation and dead silence are the true portrayal of the park.

“In the winter, only this month, Laoyuan had sent four elderly people. There were 41 beds and now only 32 old people lived.” Li Shizhong, the director of Laoyuan Garden, told reporters that although Guangzhou’s winter is still Warm, but the cold air to the south may be deadly for the average age of the park's elderly people over 80.

When the elderly people were sent to Lao Lao Garden, they were not many days old. “Family members are generally reluctant to go home and grow old. The price of the oldest person to send to the hospital is too high.” And in Lao old garden, the highest charge is 2280 yuan/person/month. The standard is an old person who completely loses self-care ability in daily life. If the constitution is better, and the elderly can easily take care of their daily diet, they will be charged a minimum of 1530 yuan/person/month.

In the first two days of the reporter’s interview, Lu old garden just sent an old man. When he was sent by his family, he was already physically disabled. As a result, he just walked in and left for more than 20 days. “In retirement homes, old people may leave at any time. You must accept it and get used to it.”

The shortage of caregivers has also plagued this nursing home. At present, there are only 8 carers here, two shifts, 6 people during the day, 2 people at night, and 1 carer basically has to care for 6 old people. Li Shizhong said that the nurses who work at night must turn over for the old people who cannot turn over, and they should give medicines to the old people who need medication. Due to the hard work and low wages, caregivers who are willing to work in this job are mostly women of about 40 years of age and of low educational level.

On weekdays, the nursing staff will use wheelchairs to push old people around this two-story room. “It’s inconvenient to go up and down, old people rarely come out of this space, and there is no chance to go out and enjoy the fresh air. "Li Shizhong said that nearby students and volunteers will occasionally come here to chat with the elderly and to repair the nails for the elderly, which is considered to be the greatest vitality and vitality of the tedious life of the old people.

“There is not much that nursing homes can do. They can only provide basic old-age care services for the old people, such as eating on time, waiting for people to look around at any time, etc. Too many old-age care needs can not be given to nursing homes.” Li Shizhong said Sighed softly.

However, even though nursing homes generally have poor hardware and software environments, China still faces a serious shortage of nursing home beds and a hard-to-find problem. By the end of 2011, there were 3.15 million old-age beds in various old-age care institutions across the country, with an average of 1.8 beds per 100 old people, which is far from the international standard of “100 old beds and 5 beds”.

The social pension that the gap continues to expand Although China has now established three pillar systems for old-age security: the first pillar is the basic pension insurance; the second pillar is the corporate pension; the third pillar is the personal retirement pension fund (including commercial pension insurance), However, the overall level of development is low and the structure is deformed. Although the first pillar took an absolutely dominant position, as of the end of 2011, it had accumulated 321.19 billion yuan of funds, which accounted for about 90% of all planned and organized pension reserves in China. However, it faced severe challenges in the absence of empty accounts and capital yields.

The problem that bears the brunt is that the gap in social basic pensions continues to expand. The "China Pension Development Report 2012" recently released shows that in 2011, pensions for urban employees did not reach 14 provinces (including Xinjiang Corps), and the income and expenditure gap was 76.7 billion yuan, compared with 40 billion in 2002. The report stated that the scale of China’s pension “empty account” (ie, funds for personal accounts was diverted to current pension funds) had exceeded the 2 trillion yuan mark in 2011.

The increase in the level of payment for eight years in a row and the low investment yield resulted in the continued expansion of “empty accounts”. The data shows that the average investment return rate of China's pension funds is 2.24%, far behind the level of inflation, and even lost to one-year fixed deposit rate. In order to change the passive situation, in March of last year, the Guangdong provincial pilot entrusted RMB 100 billion of the basic pension insurance for urban employees to the National Social Security Fund for 2 years. It is reported that in 2013, Jiangsu, Zhejiang, Sichuan, Shandong and other four provinces will be included in the trial of pension funds.

With the increase in the size of the pension gap, the ageing trend of population structure has become more apparent. According to Li Liguo, Minister of Civil Affairs, as of the end of 2011, China’s elderly population aged 60 and above reached 185 million, and the level of aging reached 13.7%. It is estimated that by the end of the “12th Five-year Plan”, the national population will increase to 221 million, 65 years old. The above-mentioned empty nesters will exceed 51 million.

Although in social security developed countries, pensions are the main source of income for the elderly. However, according to research conducted by the United Nations and China National Aging Office Fabrics, as of 2010, only 20% of the elderly in China rely mainly on pensions, and the pension substitution rate continues to decline. Before 1999, the replacement rate of employee pensions in Chinese enterprises was generally maintained at more than 75%, but it has now fallen below 50%, and the higher income earners will have lower pension replacement rates in the future.

When He Ping, the director of the Institute of Social Security of the Ministry of Human Resources and Social Security, made a guest micro-blog (38.02, 0.83, 2.23%), he proposed two basic ways to make up for the pension gap: First, increase the personal payment. , The personal account is to be implemented; the other is to increase strategic reserves, the current strategic reserve has been close to 1 trillion, in the future may also increase to 2 trillion, 3 trillion.

However, AIA experts believe that the nature of social pension insurance determines that individuals cannot rely on them to achieve high-quality retirement life goals. Moreover, China's pay-as-you-go pension model pays for the already retired generation with the pay of a working generation, and it is unrealistic to expect too much of a pension.

Stronger Annuity and Commercial Pension Insurance In addition to basic social pension insurance, enterprise annuities (commonly known as enterprise supplementary endowment insurance) and commercial pension insurance are two other pillars of the old-age security system in China. However, because of the lack of preferential policies such as fiscal and taxation, weak corporate and personal awareness, unstable product investment returns, and generally low levels, the development of enterprise annuity and commercial pension insurance lags behind, and currently only accounts for 10% of pension reserves. Ping An Pension Insurance stated that in the United States, this proportion reached 90%. With reference to international experience, perfect pension insurance should also be composed of 30% of social pension insurance, 30% of corporate annuity and 40% of commercial pension.

According to the Ministry of Personnel and Social Affairs, as of the end of 2011, only 45,000 enterprises had established enterprise annuity plans in China, with a total of 15.77 million participants and a cumulative fund of 357.9 billion yuan. Although the average annual growth rate of over 30% has been maintained in the past few years, the coverage rate is still far below the international level. According to some experts, in 2011 China’s corporate annuity assets accounted for only 0.76% of GDP, compared with around 38% of the world’s total.

According to AIA experts, there is great potential for the future development of corporate annuities. However, due to the initial development in China, the specific supporting policies have yet to be improved, and the ultimate choice and initiative are in the hands of the enterprise and employees cannot control it.

Ping An Pension Insurance believes that the current policy bottleneck of corporate annuity is mainly reflected in the "group supplement pension insurance" does not have tax incentives, only the standard corporate annuity has tax advantages, but the rate is very small, only 4% tax exemption for corporate contributions, personal payment Taxes are excellent, and companies must pay taxes to enter their personal accounts. At the same time, it is difficult for the TEE model to motivate companies and employees to be passionate about corporate annuities. It is recommended that students learn to supplement international pension practices and establish EET models.

“The bottleneck of policy is also reflected in the fact that the government-sponsored payment ratio is too high for pension and medical care, especially the pension payment rate, which has reached 28% across the country, and has severely squeezed the space for the development of second-pillar enterprise annuities. SMEs are paying taxes and After the social security and housing provident fund fees, there is not much financial resources to establish additional pensions and medical care for the employees.” In addition, the Ping An Pension Insurance Expert pointed out that the current establishment of annuity "must pay social security, operating without loss," the threshold is higher, but also hindered The expansion of the enterprise annuity.

The expert suggested that in order to consolidate and improve China's pension security system, we should vigorously develop enterprise annuities, lower the threshold, increase coverage, and speed up capacity expansion. For example, the company’s annuity will gradually become compulsory, and public institutions and civil servants will also be included step by step; the preferential tax rate for enterprise annuity payment will be restored from the current 5% to 8.33% as stipulated in the “Enterprise Annuity Order No. 20”; implementation of individual contributory tax Forefront support. At the same time, from the taxation, investment, and tax-free TEE models to payment, investment tax exemption, receive EET taxation mode, stimulate the participation of enterprises and individuals enthusiasm.

In addition, Ping An Pension also proposed to promote the policy design of the third pillar of commercial pension insurance (personal tax extension policy) as soon as possible and to promote it throughout the country. AIA said: “In 2011, domestic commercial pension insurance accounted for only 6.1% of social security income in the same period, and its popularity was low. How to promote pension planning in family financial planning through tax incentives, such as the promotion of tax-deferred products and encouraging purchases? The priority in China is of great significance."

Ping An Pension Insurance believes that, from the perspective of foreign experience, to truly solve the problem of retirement, savings pension should be transformed into an investment-style pension, so that the elderly pension fund has a steady increase in value, while resisting inflation losses while enjoying the rapid growth of the country's economic growth dividends. Commercial pension insurance companies are fully involved in the management of the pension fund collection, including the management of social security balance funds.

Early planning of commercial pension reserves According to international experience, if the pension replacement rate after retirement is greater than 70%, the existing standard of living before retirement can be maintained. If it reaches 60%-70%, basic living standards can be maintained. If it is less than 50%, the standard of living will drop significantly before retirement.

Last year, a survey conducted by the Netherlands Global Life Insurance Group revealed that about 78% of Chinese respondents believe that “it is difficult to comfortably provide for the elderly without a million yuan”. In the calculation of retirement at the age of 60, it is assumed that the monthly household expenses will only be maintained at the level of 3,000 yuan, and that life will cost at least 72-90,000 yuan in 20-25 years. If you retire earlier or live longer, together with inflation, pension costs will easily exceed 1 million yuan. Despite expectations of high pension costs, 90% of respondents said they have not made enough economic preparations for retirement.

“In terms of personal pension reserves, most people in Western countries begin to plan and plan for future retirement care around the age of 30. This number is usually in China after the age of 45.” AIA experts say many people are there by that time. Even if we deliberately consider "retirement planning," we will have higher priority for issues such as "children's education" and "marriage for children", and the preparation for retirement will have to be postponed.

He Life Insurance's experts recommend that insured commercial pension insurance can be used as an effective supplement to the pension gap, due to the loss of the surrender of the half-way, so that the working-class can long-term adherence to the pension reserve, so as to earmark funds. If the commercial pension insurance with dividend function is selected, its value-added effect will be able to resist the inflation risk to some extent. Of course, dividends for insurance products are also uncertain.

It is worth mentioning that drawing on the experiences of developed countries, including China Life Insurance (21.86, 0.26, 1.20%), China Ping An (microblogging) (47.18, 0.07, 0.15%), Taikang Life, Hezhong Life Insurance and other domestic commercial insurance companies in recent years Have come to enter the "Endowment Community" project. In April last year, Taikang Life Insurance launched China's first "happiness and promise" plan that integrates with the elderly care community, providing customers with a package of services including living, dining, medical care, cultural entertainment, and fitness. At present, Beijing Changping old-age community under Taikang Home has broken ground and plans to put it into use in 2015.

AIA believes that under the background of China’s economic development and population aging, the basic conditions for the industrialization of the old-age community have been met. However, how to develop and operate healthily and sustainably is the key to the development of future insurance and retirement real estate projects. At the same time, AIA expects that in the current 4-2-1 family structure, future retirements may rely heavily on community-based pension service agencies, which is to focus on the best combination of family and institutional pensions in the community: Let the elderly While living in their own homes and continuing to receive care from their families, relevant service agencies and individuals in the community provide home services or care services for the elderly.

When the insurance company designs related pension products, it can make the product cover the complete solution of pension financial planning and provision of elderly care services. For example, linking the product's insurance benefits with community-based pension services allows customers to obtain a range of targeted services such as community medical care, rehabilitation guidance, health consultation, and even domestic service.

Guangdong Pension Insurance Increases 115% in 7 Years

Data from the Department of Human Resources and Social Security of Guangdong Province shows that since the implementation of the social pension insurance system in 1993, Guangdong has gradually established a relatively complete basic endowment insurance system for enterprise employees from scratch. As of the end of November 2012, the number of people participating in the basic pension insurance in Guangdong reached 39.65 million, of which 34.07 million were employed by the enterprise pension insurance, and the number of people participating in the insurance program ranked first in the country for many consecutive years.

“Especially since 2008, Guangdong has been working hard to solve the legacy of old-age insurance, introduced special policies for different groups, classified and solved the problem of old-age security for various uninsured groups, and greatly promoted the solution of the old-age insurance for uninsured groups from nothing. There are 'issues that have completely eliminated the dead end of the pension insurance system,' said the relevant person in charge of the Provincial People's Club.

Since 2006, Guangdong has substantially increased the basic pension for enterprise retirees for seven consecutive years. After the annual adjustment of the basic pension in 2012, the per capita pension for enterprise retirees reached 1,821 yuan, an increase of 974 yuan over the end of 2005, an increase of 115 yuan. %.

“In the city where the average level of pension is the lowest, the monthly average pension per person will increase from less than 400 yuan to more than 1,000 yuan by the end of 2005.” The person in charge of the Provincial People’s Association said that Guangdong’s pension adjustment level is linked to the average pension level. The practice of setting up the city’s average pension security mechanism gradually narrows the gap in the pension area.

At the same time, Guangdong is also exploring the establishment of a multi-level pension insurance system. At present, nearly 3,000 enterprises have established an enterprise annuity system. All provinces and municipalities have started enterprise annuity work. The number of employees participating in enterprise annuities in the province has reached more than 400,000.

In terms of urban and rural residents' pension insurance, according to the Provincial People's Office, with the full launch of the fourth batch of pilots on July 1, 2012, Guangdong has achieved full coverage of the two systems of new rural insurance and urban residence insurance, as of 2012. At the end of November, the number of residents participating in the endowment insurance program for urban and rural residents in Guangdong reached 23.27 million, of whom 7.2 million were receiving pension benefits. It is expected that by the end of 2012, the population will be fully covered.

“Guangzhou, Zhuhai, Meizhou and other cities have established basic pension adjustment mechanisms, of which Guangzhou will increase basic pensions from 110 yuan per person per month to 130 yuan in 2011; Zhuhai City will increase from 150 yuan to 165 yuan, and Meizhou regulations Every year, the basic old-age pension is adjusted according to a certain percentage of the per capita net income growth of the peasants; the Xinhui District of Jiangmen City has established a 5-year natural growth mechanism for basic pensions and insurance premium subsidies. From this year, it will increase the payment subsidy by 10 yuan for 5 consecutive years and the basics. Pension 5 yuan."

According to reports, in addition to adjusting the treatment mechanism, Guangdong has also extensively mobilized social forces, including financial institutions, to participate in the pilot work of endowment insurance for urban and rural residents. “At present, pilot counties and districts have extensively introduced cooperative financial institutions to collect and pay for services. Some localities, such as Xinxing and Deqing, have purchased accidental insurance insurance for farmers under 45 years of age through Ping An Insurance to mobilize young farmers to participate in insurance. Enthusiasm."

According to the person in charge of the Provincial People's Club, Zhaoqing, Jiangmen, and Guangzhou have formulated relevant work opinions and made specific provisions on the organization, leadership, establishment of incentive mechanisms, basic capacity building, and standardized management of the new agricultural insurance work.

“The next step is to continue to reform and improve the basic old-age insurance system for urban employees in accordance with the basic principle of 'wide coverage, basic guarantee, and sustainability', and steadily increase the level of endowment insurance benefits for enterprise retirees, and study the establishment of a basic old-age pension for urban and rural residents. The growth mechanism will increase basic pension standards; establish and improve the incentive mechanism for encouraging urban and rural residents, especially middle-aged and young people to participate early and pay more,” said the relevant person in charge of the Provincial People’s Association.