翰威特-中国养老金改革

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1、“PensionReforminChina”BYSTUARTH.LECKIE,O.B.E.,J.P.,F.F.A.,F.I.A.CHAIRMAN,GREATERCHINAHEWITTASSOCIATESTEL:(852)21479278FAX:(852)21472822E-mail:stuart.leckie@hewitt.com21January2002TheActuarialProfession-AgeingPopulationContentsMapofChinaPRCPopulationOldSystem(‘IronRiceBowl

2、’)WorldBankPensionPrinciplesfortheFutureNewSystem(‘SafetyNet’)FinancingPensionAssetsDevelopCapitalMarketsImplementationIssuesSupplementaryPensionPlansOpportunitiesforFundManagersNationalSocialSecurityFundLiaoningExperimentComparisonofHongKongandPRCPossibleDevelopmentsinCh

3、inaMajorFactorsforanIdealRetirementSystemMapofChinaPRCPopulationTotal:RuralPopulation:+UrbanPopulationConsider:OneChildPolicyGreatlyimprovedlifeexpectancyDependencyRatiodeterioratingrapidlyExceeds1.2billion900million+400millionAges:0-14100million15-64275million65+25millio

4、nOldSystem(‘IronRiceBowl’)WorkersemployedforlifebyStateOwnedEnterprises(SOE)LowWagesbutTotalSecurityPensionat60(Males)or55(Females)=80%offinalsalaryPensionspaidbySOEsNoPre-fundingorReserves(i.e.pay-as-you-go),butwhatifSOEsunabletopaypensions?Chinaisveryconcernedaboutsocia

5、lunrestresultingfromunpaidpensionsandtheunemployedWorldBankInearly1990s,WorldBankstudieshowbesttosolvetheageingissuesinChinaWorldBanksuggestedathreepillarapproachGovernmentrunbasicpensionPrivatelyrunindividualaccountsVoluntaryemployer/individualsavings1993and1996announcem

6、entsonsocialsecurityreformUnifysocialsecuritypensionCreateindividualaccountswithinbasicsocialsecurityEnhancewithsupplementarypensionplansPensionPrinciplesforFutureReducepensionexpectationsCostburdentobesharedbyemployerandemployeeMovetowardspre-fundingReasons?Populationpro

7、jectionsSOErestructuringDevelopdomesticcapitalmarketsNewSystem(‘SafetyNet’)NewUnifiedPensionSystemReform(July1997)ExpandcoveragetoallurbanemployeesGraduallyraiseretirementage(to65yearsformen&women)BenefitsPillarI=BasicPensionof20%ofaverageprovincialwagesPillarII=Individua

8、laccountbasedon11%contributionsPillarIII=VoluntarySupplementaryBenefitsFinancingEmployeeEmployer