China's Pension System: A Vision by Mark C. Dorfman

By Mark C. Dorfman

Entire reform of China's pension and social safety approach is an important component to attaining its targets of a harmonious society and sustainable improvement. over the last few years, the govt has thought of quite a few thoughts and initiated a number of major measures. In 2009 the gurus proven a countrywide framework for rural pensions, the agricultural Pension Pilot application (RPPP) and in 2011 a Pilot Social Pension coverage for city citizens introduced. during this approach, it has articulated rules for a reformed city pension process (indicated via 12 chinese language characters ) that are 'broad assurance, protects on the simple point, is multi-layered, and sustainable' whereas the rules for the agricultural method (indicated through 12 characters ) are 'broad insurance, protects on the uncomplicated point, versatile, and sustainable.' those ideas underpin the commitments made on the seventeenth social gathering Congress in the direction of a finished and built-in social protection approach through 2020. even supposing gigantic reforms of the pension method were undertaken over the last twenty years, a few policymakers have prompt that extra reforms are had to meet the wishes of China's swiftly altering economic system and society. matters comparable to legacy charges, process fragmentation and constrained insurance haven't been absolutely addressed. while, many new demanding situations have emerged similar to fast urbanization, elevated source of revenue inequality and urban-rural disparities, higher informalization of the exertions strength, alterations in kinfolk constitution, and the results of elevated globalization. This record has been ready on the request of the Ministry of Finance to improve a medium time period imaginative and prescient of a holistic framework that may be discovered by way of 2040 for strengthening outdated age source of revenue security in China that is in line with the foundations defined within the 12 characters and layout suggestions in the direction of reaching it. the most physique of this document outlines this imaginative and prescient -- summarizing the main good points of a proposed medium-term pension approach -- whereas the annexes give you the deeper research and context which underpins the techniques contained herein.

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Portable pension rights: Achieving national portability will require careful consideration of design and administrative policy options. Guidance from the State Council on the issue provides an important step forward in this regard. Key choices will include the framework for (1) record keeping and information flows across space, including when, where, and how data are consolidated for worker entitlements from several venues, urban and rural, intra- and inter-provincial, (2) pooling of contributions and reserves, (3) benefit calculation that accommodates China’s diverse conditions, and (4) reconciling differences in financial flows between cities and between provinces.

Transition arrangements applied to older cohorts in the urban old-age insurance system. The phasing and transition period for p ­ arametric changes is needed, such as changes in the minimum r­ etirement age. • Transition arrangements supporting the integration of PSU employees and civil servants into the proposed MORIS scheme, with supplementary benefits provided to protect replacement rates as needed. Overview 13 Investment management: Regulations, guidelines and strengthened supervision are n ­ eeded for liquidity and reserve management for investment accumulations ­under the MORIS at the county, municipal, and provincial levels.

Under the CSP, no contributions are required by family members. 2. R  ural retiree with no pension and no children Rural resident, 65 years old in 2011, has no other sources of pension income and has made no contributions to the NRPS. Retiree has no surviving children or any other pension income. Retiree cannot qualify for benefits because he/she cannot meet the family binding requirement. Retiree receives the minimum benefit. CSP removes a potential coverage gap by eliminating family binding or historical contribution requirements characteristic of the NRPS.

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