Research On The Sustainability Of The Basic Endowment Insurance Fund For Enterprise Employees

The pension system in our country was founded in 1951 and has become a vital importance part in the construction of China's socialist market economy system.Since the 1990 s,China began to implement the reform of pension system and established the basic pension system of social pooling and individual accounts for urban employees.By the end of 2016,the number of employees participating in basic pension insurance for urban enterprise workers' basic pension insurance was 379 million 300 thousand,and the coverage rate of basic pension insurance for enterprise employees was becoming wider and wider,which enabled more people to share the fruits of reform and development.However,with the slowdown in economic growth,exacerbating of the aging of the population,maintain and increase the value of the pension insurance fund and a lot of problems.In many provinces and regions,the balance of pension funds in the future is under great pressure,even some areas of the fund is not available to support the current situation.These problems threaten the financial balance of the system and the sustainable development of basic endowment insurance for enterprise employees.Zhejiang Province as an economic and populous province,the pension fund is currently running well,but also facing increasingly serious challenges of population aging,the payment pressure of the basic endowment insurance system for enterprise employees is huge.In response to the 13 th Five-Year Plan will build more equitable and sustainable social security system as the goal of the next five years,while the financial sustainability of the social security system will be the main problems to be solved during the period of 13 th Five-Year Plan,this paper takes Zhejiang Province basic endowment insurance fund as the research object.By querying the relevant data and actual situation of the basic endowment insurance fund for urban enterprise workers in Zhejiang Province,establishing the actuarial model,it predicted the balance of payment of urban employees' basic endowment insurance fund in Zhejiang Province during the period of 2017-2060.The prediction results show that the sustainability of the basic endowment insurance fund for enterprise employees in Zhejiang is far too optimistic.Although the income of the fund is still rising every year,the growth of the fund expenditure has greatly exceeded the growth rate of the fund'sincome.If Zhejiang does not raise the retirement age,the pension fund will have a current deficit in 2020.Since then,the current deficit has expanded year by year,and the accumulated surplus of the years should be used to make up for the shortfall.By2025,the accumulated surplus was exhausted,and the basic pension insurance fund for enterprise employees began to accumulate deficit in Zhejiang province.Since then,the accumulated deficit has expanded year by year,and the total deficit in 2060 will be as high as 183.23 trillion yuan.In order to alleviate the increasingly severe pension payment pressure,this paper puts forward some ideas of endowment insurance reform in Zhejiang province to promote the improvement of Zhejiang endowment insurance system and the sustainable development of the fund.One is to accelerate the implementation of delayed retirement.Second,gradually increase the retirement standard for retirement treatment.Third,raising the enterprise endowment insurance fund through multiple channels.Fourth,strictly control the scope of endowment insurance;Fifth,preserving and increasing the value of the endowment insurance fund.Sixth,Considering the burden reduction in the “supply-side structural reform”.