To cultivate good habits, experts suggest that starting from work, this matter is closely related to everyone's pension | savings | matters
The arrival of an aging society is both an opportunity and a challenge for the development of the financial industry. Today, the 14th Lujiazui Forum focused on the opportunities and responsibilities of elderly care finance. Several practitioners in the field of elderly care finance expressed their opinions on how to promote the reform and innovation of elderly care finance.
Last November, China's personal pension system quickly completed its basic establishment and officially entered the operational stage, which has also become the focus of today's forum discussion. Bai Tao, Secretary of the Party Committee and Chairman of China Life Insurance Company, stated that the number of personal pension account openings has exceeded 37 million. Although the development speed is fast, there is still a gap compared to expectations.
"Many customers only open accounts and do not pay fees for three reasons. Firstly, the policy incentives are not enough. Secondly, the product appeal is not strong. Thirdly, the personal management operation of personal pension accounts is too complex." He believes that from the policy incentives perspective, it is recommended to implement tax exemption for low-income groups when receiving pension funds. At the same time, in the design of pension products, more targeted products should be designed for different risk preferences and age groups. In addition, it is recommended to establish an authoritative public platform where everyone can purchase products provided by various banks.
"The implementation of the personal pension system will help to enhance the scale and resilience of the capital market, and form a mature market environment." Fu Fan, President of China Taiping Insurance, believes that technological innovation and industrial digitization are expected to become long-term investment themes for pension finance in the future. For elderly care finance, fundraising and investment are the basic functions, and supporting elderly care services is a requirement for advancement, forming a "product+service+investment" cycle, which is the ultimate pursuit in the future.
Fu Fan stated that an aging population will lead to dual pressure on financial services, mainly manifested in the widening gap in the basic pay as you go pension system. Family pension wealth is still in its early stages, and the construction of a multi-level pension service system needs to be improved. The supply of beds, nursing services, and the use of technology are still far from our goals. "Next, we will continue to explore a supply model that coordinates home, community, and institutions, build a pyramid shaped social security service system, benefit more elderly care groups, and actively respond to the challenges of population aging."
Ye Haisheng, Chairman of National Pension Insurance Co., Ltd., suggested converting household ordinary savings into pension reserves. "Compared with Europe, America, or G20 countries, China's pension reserves are relatively small. One major reason is the uneven development of the first, second, and third pillars of China's pension insurance system, which makes it difficult to accumulate pension funds."
In Ye Haisheng's view, both are family wealth, and the role played by ordinary savings and pension reserves is completely different. After converting ordinary savings into pension funds, they can be invested and operated by specialized institutions, ensuring returns, safety, and other aspects. "Developing the third pillar of pension insurance is a problem faced by many countries around the world, not unique to China. Therefore, as long as we work hard now, we will definitely be able to build it well." He said that achieving this is not easy, and it requires the joint efforts of the government, regulators, institutions, and individuals.
At the policy level, further consideration should be given to the strength of tax support. At present, the starting point for personal income tax is 5000 yuan per month, and with special deductions, it is expected that a monthly income of 8000 yuan will be eligible for tax benefits only when purchasing personal pension. The proportion of people below this amount may reach 70 to 80 million.
"If elderly care products are sold as ordinary income products, the bank taxes and fees are too expensive, and the handling fees are too high." Ye Haisheng admitted that from a regulatory perspective, we need to find ways to solve this problem, otherwise the high handling fees will encroach on the interests of policyholders.
On the institutional side, it is necessary to provide some good products and services, and do a good job of promoting relevant content. For individuals, "they should take responsibility for their own retirement and develop good accumulation habits from the beginning of starting work." Ye Haisheng said.
