翰威特-中國養老金改革英文(ppt 20頁)

Map of China
PRC Population
Old System (‘Iron Rice Bowl’)
World Bank
Pension Principles for the Future
New System (‘Safety Net’)
Financing
Pension Assets
Develop Capital Markets
Implementation Issues
Supplementary Pension Plans
Opportunities for Fund Managers
National Social Security Fund
Liaoning Experiment
Comparison of Hong Kong and PRC
Possible Developments in China
Major Factors for an Ideal Retirement System

PRC Population
Total:
Rural Population:
+
Urban Population

Consider:
One Child Policy
Greatly improved life expectancy
Dependency Ratio deteriorating rapidly
Exceeds 1.2 billion
900 million
+
400 million
Ages:
0-14 100 million
15-64 275 million
65+ 25 million
Old System (‘Iron Rice Bowl’)
Workers employed for life by State Owned Enterprises (SOE)
Low Wages but Total Security
Pension at 60 (Males) or 55 (Females) = 80% of final salary
Pensions paid by SOEs
No Pre-funding or Reserves (i.e. pay-as-you-go), but what if SOEs unable to pay pensions?
China is very concerned about social unrest resulting from unpaid pensions and the unemployed
In early 1990s, World Bank studies how best to solve the ageing issues in China
World Bank suggested a three pillar approach
Government run basic pension
Privately run individual accounts
Voluntary employer/individual savings
1993 and 1996 announcements on social security reform
Unify social security pension
Create individual accounts within basic social security
Enhance with supplementary pension plans

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