The report says the first generation of post-80s or non-pensionable people responded by the Ministry of Social Affairs

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 The report says the first generation of post-80s or non-pensionable people responded by the Ministry of Social Affairs


New Beijing News Express on July 9, in response to media reports that pension 2035 or will run out of savings, the post-80s may become the first generation without pension, the head of relevant departments of the Ministry of Human Resources and Social Affairs said that this is an incomprehension of the old-age insurance system.

On July 8, a media article entitled Report of the Academy of Social Sciences: Pension 2035 or Expenditure Balance Experts Advising Young People to Plan Pension Investment as soon as possible quoted data from China Pension Actuarial Report 2019-2050. In the next 30 years, the current balance of the basic endowment insurance fund for employees of urban enterprises in China will start to dive rapidly after barely maintaining a positive balance for several years. The deficit will grow larger and larger, and the accumulated balance will be exhausted by 2035.

If the retirement age is 60 years old, the earliest group ofpost-80sin 2035 is only 55 years old, not reaching the retirement age, the article said. That is to say, the post-80s generation is likely to be the first generation without pensions.

In this regard, the head of the relevant departments of the Ministry of Human Resources and Social Affairs said that this is the lack of understanding of the old-age insurance system. The person in charge said that the central government attaches great importance to the sustainable development of old-age insurance, and has formulated a series of positive, comprehensive and scientific measures to cope with it in a proactive manner, which can fully guarantee the long-term, timely and full payment of pensions and the healthy and stable operation of the system. The person in charge also said that Nie Mingjun, Director of the Department of Endowment Insurance of the Ministry of Human and Social Affairs, had clearly explained the sustainable development of Chinas endowment insurance system.

At this years first quarter press conference of the Ministry of Human and Social Affairs, Nie Mingjun, Director of the Department of Endowment Insurance of the Ministry of Human and Social Affairs, made it clear that the state would enlarge the cake of endowment insurance by implementing the comprehensive policy of reducing the social insurance premium rate, thus forming a virtuous circle between the development of enterprises and the development of the endowment insurance system. Through the implementation of the central adjustment system of the fund, the burden of pension insurance among regions will be balanced and the distribution of pension insurance in difficult areas will be ensured.

By the end of 2018, the cumulative balance of enterprise endowment insurance fund reached 4.78 trillion yuan, which has relatively strong security capacity. But objectively speaking, structural contradictions are more prominent, and there is a very imbalance between regions. Not only is the proportion of contributions of pension insurance units not uniform, but also the fund balance is very different. At present and in the future, structural contradiction is the main contradiction in the operation of old-age insurance. Since the second half of last year, the central government has implemented the central redeployment system of pension insurance funds, which has been progressing smoothly and has begun to effectively alleviate structural contradictions. Nie Mingjun said.

Nie Mingjun also introduced that since the beginning of this century, the state has established a strategic reserve fund. Through various measures, the scale of the fund has been expanding. At present, the national social security fund has about 2 trillion strategic reserves, and the transfer of some state-owned capital to enrich the social security fund has started, and will continue to increase the transfer efforts in the future.

Nie Mingjun said that the Ministry of Human Resources and Social Affairs is prepared to defuse future payment risks, and the sustainable development of the system can be guaranteed. Please rest assured of retirees.

Academy of Social Sciences: Young people whose pension will run out in 2035 should plan as soon as possible

According to the China Pension Actuarial Report 2019-2050 issued by the World Social Security Research Center of the Chinese Academy of Social Sciences in April 2019, the current balance of the basic pension insurance fund for employees of urban enterprises in the next 30 years will start to accelerate after barely maintaining a positive balance for several years, and the deficit will grow larger and larger, and the accumulated balance will be exhausted by 2035. If the retirement age is 60 years old, the earliest group of post-80s in 2035 is only 55 years old, not reaching the retirement age. That is to say, the post-80s generation is likely to become the first generation without pensions.