空账运转下养老体制的现实选择

Realistic Options of Retirement Pension under Empty Account Operation

通过比较两种养老体制,我们得不出基金制比现收现付制更优的结论。我国养老保险改革以来,统筹账户入不敷出,个人账户出现空账运转。国内处于过度储蓄,企业投资收益不高,宏观经济实际上处于动态低效。这些问题迫使我们重新思考养老保险体制改革的出路和现收现付制在现阶段存在的必要性。

The comparison between fund and cash retirement pension systems does not tell which one is better.Since the beginning of pension reform in China,the public accounts suffered deficit and the individual accounts experienced empty account operation.The excessive domestic saving and the low interest of enterprises led to the dynamic inefficiency of macro economy.This situation arouse the doubt of the way of reform and the existence necessity of cash pension system.