China Shandong Aviation Group Enterprise Annuity Plan Design

Along with the reform of China's economic system and social progress and development, talent competition has become increasingly fierce. Attracting and retaining qualified personnel of the enterprises has become the primary objective of human resources management. As part of human resources management and remuneration system, a well established enterprise annuity plan according to the nation's policy and enterprise's actual situation, not only can increase their retirement benefits, improve the quality of life after retirement, but also can keep a stable staff, attract outstanding talent, enhance the cohesion and competitiveness of the enterprise. In turn, the staff of the enterprise will enhance their sense of belonging and security. Especially in recent years, with China's aging population and the plight of the basic old-age insurance system, the establishment and development of enterprise annuity will directly effect the development and improvement of our nation's future insurance system as an important part of the multi-pillar old-age security system. The research and application of enterprise annuity has increasingly become a hot topic among academic circles. Researches on this issue play an important and practical significance in promoting the healthy development of China's enterprise annuity.Shandong Aviation Group has 12 shareholders including AIR CHINA, Shandong Economic development Investment Company, etc. This paper attempts to raise its own opinions and suggestions of the development of enterprise annuity taking Shandong Aviation Group as an example.This paper first introduced the background and significance of the research, and then explained the basic theory of enterprise annuity. It briefly introduced two typical domestic and foreign enterprise annuity plans, and analyzed the development and constraints of them. The original plan for the enterprise annuity of Shandong Aviation Group was analyzed for its shortcomings of design. In order to make up for these shortcomings, this paper acquired the experience of domestic and foreign enterprise annuity plans, and set new payment coefficient in accordance with China's relevant policies and regulations, employment and sex, by which the design of the Enterprise Annuity of Shandong Aviation Group was re-optimized. Finally, it summarizes of the plan and has some consideration for enterprise annuity advance.This paper focused on the integration of theory and practice, absorbed the experiences and lessons of domestic and foreign enterprise annuity plans, innovation is set new payment coefficient for differ length of service, job in corporation and sex payment diversity, shoot at giving attention to in reason, equity and efficiency, enterprise annuity is expected to helpful for human resources and aged living, committed to offer some useful advice on our nation's enterprise annuities.