“补入口还是补出口”?——对城乡居保财政补贴模式的精算评估

Support Entrance or Exit:The Actuarial Evaluation of Financial Subsidy Pattern of Basic Pension Insurance for Urban and Rural Residents

政府承担城乡居民基本养老保险入口环节对个人缴费的补贴和出口环节的基础养老金。运用精算模型对城乡居保这两种财政补贴模式提高养老金待遇的效果进行评估,研究发现:在财政投入力度相同的条件下,出口补贴模式的效果优于入口补贴模式,且比较优势随个人缴费档次和基金投资收益率的提高而扩大。为提高城乡居民养老金待遇,应调整财政支出结构,控制政府在入口处对参保人缴费补贴的速度,而增加对出口处基础养老金待遇提高的速度;完善基础养老金与个人缴费档次挂钩机制;对参保人缴费实行梯度累进补贴政策;加快推进城乡居保基金委托投资步伐,提高基金投资收益率和个人账户记账利率。

According to the“State Council’s Opinions on Establishing a Unified Basic Old-age Insurance System for Urban and Rural Residents”,the government bears the basic benefits and subsidies to individual contributions.Based on the perspective of improvement on pension of Urban and Rural Residents,an actuarial model is established to assess the effectiveness of the financial subsidy Pattern.The results show that,the effect of exit subsidy pattern is better than that of the entrance mode under the same condition of financial input,and the comparative advantage continues to expand with the increase of participants’contribution levels and fund investment yield.To comply with the direction of reform of the system and raise the insurance benefits as much as possible,the structure of fiscal expenditures should be adjusted to control the rate at which the government pays subsidies to insured persons at the entrance and increase the rate at which the basic pension benefits at the exit are increased;Improve the mechanism for linking basic pensions with individual payment levels;Implement a gradient and progressive subsidy policy for the payment of insured persons;Accelerate the pace of entrusted investment by Urban and Rural Residents’basic old-age insurance funds and improve individual contribution levels and the fund investment yield rate.