English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Tools annual

Global: Zendy Free Plan

Global: Zendy Tools monthly

Global: Zendy Plus monthly

The social security of China is going forward to all-inclusive society mode, establishing a pension system compound with social account and personal account. But the "one-size-fits-all" safeguard way which create the fair but lost the efficiency. Especially in new agriculture insurance, there is a gap between pension replacement rate and actual demand. The article forecast the relationship through pension substitution rate of individual account with fund accumulation quantity, in addition with actuarial in pension standard to obtain the result of pay-as-you-go or full-funded system at present. Then the article draw into the concept of notional defined contribution model. At last through the analysis with other country which using the notional defined contribution model, which can get result that the notional defined contribution model has more advantage for China. Keywords-all-inclusive society mode; pension substitution rate; notional defined contribution model I. RESEARCH BACKGROUND AND PROBLEM INTRODUCTION What China’s social security concerns more is the assistance-centered policy. Zheng Gongcheng (2011) pointed out that the social welfare has been lagging behind the development of the social insurance and assistance from the perspective of social policy, and the reform and development strategy of China’s social welfare should be the transformation of Chinese social welfare system from the care for the weak to the generalized welfare system for the whole people. In September 2009, the State Council released the Guidance on Implementation of the Pilot of New-type Rural Social Endowment Insurance, formally proposing the establishment of the new-type rural social endowment insurance system integrating individual payment, collective allowance and government subsidies. Up to 2011, the pilot of social endowment insurance for urban residents was implemented at the national level, which was another great strategy made by the State Council to speed up the coverage of the social security system followed by the new-type rural social endowment insurance. China’s social security system is turning towards the generalized welfare society. A. Research Background There is a controversy among many scholars for the choice of current endowment insurance financing mode. Yang Yansui mentioned (2010), due to insufficient funds, a large part of individual account payment was used to pay in the pay-as-you-go plan, and thus the problem of “empty account” emerges. The ultimate old-aged pension was granted according to the accounting amount. Because of the phenomenon of fund embezzlement, the individual accumulation account becomes a deformed mode of nominal account. Jiang Yan (2009) argued that, the original intention that China introduced the accumulative individual accounts is to strengthen the payment incentives and reduce the government’s aging care burden. In contrast, as for the nominal account, it can be seen that some experts have different views. Yang Jianhai (2012) argued that the nominal account system did not have the decentralization of funds caused by the pooling account and individual account, and can alleviate the financing gap problem of the social security. Wang Yang (2012) proposed that the underdevelopment of the Chinese capital market and the lower management level of investment management institutions were two major reasons why the implementation of nominal account was approved in China. Over the years, the funded account does not work wel.In this case, it is necessary to rethink the rationality of real account. B. Problem Introduction First of all, the social security system nationwide will inevitably bring about some new problems. By the end of 2011, nearly 290 million people covered the basic urban endowment insurance for enterprise employees, and 330 million people covered the new-type rural social endowment insurance, with addition with the number of people covering the endowment insurance for urban residents in 2012, it can be said that the coverage of endowment insurance was very impressive. But in the capital, the urban and new-type rural social endowment insurance is divided into two parts, i.e. individual account and basic old-aged pension. The fund of individual account comes from individual payment, collective allowance and local fiscal subsidies; the basic old-aged pension comes from the national finance and local finance (see Table 1). The proportion of individual payment is more than the premium-paid base of new-type rural social endowment insurance. International Conference on Global Economy, Commerce and Service Science (GECSS 2014) © 2014. The authors Published by Atlantis Press 22 TABLE I. CONTRAST TABLE OF CHINA’S SOCIAL ENDOWMENT INSURANCE SYSTEM Insura nce Payment source Accou nt Treatme nt Ur ba n Employ ees 20% of enterprise total Payroll Pooling account 20% of average wage High 8% of employees’ salaries Individ ual account individual account / 120 Residen ts Government finance Pooling account 55 yuan 100-1000 yuan at your option Individ ual account individual account / 139 Ru ral New-ty pe rural social endow ment insuran ce Government finance Pooling account 55 yuan Low 30 yuan for the government and the collective, 100-500 yuan at your option Individ ual account individual account / 139 Data source: obtained through the integration of Guidance on the Pilot of New-type Rural Endowment Insurance, urban payment and treatment. China social endowment insurance system is the method to combine the pooling account with individual account, and its common ground is: the individual must pay the fees, and then obtain the corresponding treatment. Because of its low payment rate, the replacement rate of new-type rural social endowment insurance is much lower than the security level of the urban endowment insurance. Therefore, what we can see the urban and rural endowment insurance system is the fairness, but faced with the problem of financial pressure caused by the rapid aging of population, the application of nominal account system may have different effect on rural social endowment insurance. II. REDUCTION AND ANALYSIS OF OLD-AGED PENSION ON INDIVIDUAL ACCOUNT OF NEW-TYPE RURAL SOCIAL ENDOWMENT INSURANCE According to the suggestions by the World Bank, the multi-pillar endowment insurance system is composed of five pillars. In essence, the new-type rural social endowment insurance also belongs to the first-pillar-oriented system proposed by the World Bank. But whether the individual account can cover the three-pillar accumulation mode, i.e. social endowment insurance, supplementary endowment insurance and deposit endowment insurance, is in doubt. And is the nominal account financing mode in China a better choice relative to the current “pooling-individual account

The Application Research of Nominal Accounts on the New Agriculture Insurance Based on the All-Inclusive Society Mode