On the morning of March 5, the Fifth Session of the 13th National People's Congress was held, and Premier Li Keqiang of the State Council made a 2022 government work report (hereinafter referred to as the "Report") at the meeting, Blue Whale Insurance paid attention to the fact that as one of the stabilizers and boosters of economic development, this year's report mentioned "insurance" a total of 7 times, covering three aspects: stabilizing employment, stabilizing foreign trade, and strengthening social security.
Continue to standardize the development of the third pillar of endowment insurance
Specifically, the government work report mentions that it is necessary to strengthen social security and services, steadily implement the national overall planning of the basic old-age insurance for enterprise employees, appropriately increase the basic pension for retirees and the basic pension standard for urban and rural residents, ensure that it is issued in full and on time, accelerate the promotion of the provincial overall planning of work injury and unemployment insurance, and improve a more fair and sustainable multi-level social security system.
By the end of 2021, the number of people insured by the basic pension insurance in the mainland will reach 1.03 billion, of which the number of people insured by the basic pension insurance for enterprise employees will be 420 million. According to the Ministry of Human Resources and Social Security, the national overall planning of the basic old-age insurance for enterprise employees has been officially launched, and since January this year, the current balance of the inter-regional pension insurance fund has been adjusted nationwide to ensure that the pension is paid in full and on time.
According to industry experts, the basic endowment insurance of enterprise employees is coordinated nationwide, and the funds are mutually beneficial nationwide, which is conducive to giving play to the scale effect of the fund, enhancing the support capacity, ensuring the sustainable development of the pension insurance fund, and smoothly achieving the goal of "old age support" for the majority of retirees.
During the "14th Five-Year Plan" period, the national elderly population will exceed 300 million, the mainland will move from mild aging to moderate aging, actively respond to the aging of the population, prepare for old-age services, and accelerate the development of the third pillar of endowment insurance and improve the old-age security system. The public can make up for the lack of basic endowment insurance by joining the commercial insurance plan, thereby improving the level of old-age security.
This year's government work report once again mentioned that it is necessary to continue to standardize the development of the third pillar of endowment insurance. Blue Whale Insurance pays attention to the fact that in recent years, under the guidance of the Banking and Insurance Regulatory Commission, insurance companies are accelerating the layout of pension insurance products, and vigorously promoting the strength of the third pillar through preferential tax incentives and tax extensions.
Kaiyuan Securities believes that the third pillar of pension financial space is large, the demand is strong, pension insurance needs to explore advantages, enhance product competitiveness. At present, the third pillar insurance products are mainly provided by life insurance companies, under the dual guidance of supervision and market, insurance companies have accelerated the promotion of pension insurance, pension security management and enterprise (occupational) annuity business, and accelerated participation in the construction of the "three pillars" pension system.
Li Chang'an, a professor at the National Institute of Opening Up to the Outside World of the University of International Business and Economics, believes that vigorously developing the mainland's commercial endowment insurance and making the "third pillar" bigger and stronger needs to start from many aspects. First of all, we will continue to increase policy support and explore more support in fiscal and financial aspects. Second, efforts should be made to increase the enthusiasm of the general public, especially those with low and middle incomes, to participate in insurance. In addition to the middle and low income earners themselves to enhance their insurance awareness, commercial insurance institutions should also take the initiative to develop inclusive, low-cost pension insurance products. Finally, enhance product innovation capabilities, enrich the variety of commercial pension insurance, expand the scope of choice of consumers, and improve the level of risk management, improve service methods, and achieve high-quality and sustainable development of commercial pension insurance.
Continue to implement phased employment stabilization policies such as reducing unemployment and work-related injury insurance rates
"Stability" is one of the keywords in this year's government work report.
The report mentions that it is necessary to implement measures to stabilize employment, including the continuation of the implementation of phased stable employment policies such as reducing unemployment and work injury insurance rates; continue to implement the unemployment insurance stable post return policy for enterprises that do not lay off employees and reduce layoffs, and significantly increase the proportion of small and medium-sized and micro enterprises; in addition, use the 100 billion yuan unemployment insurance fund to support job stabilization and training, accelerate the cultivation of urgently needed talents for high-quality development of the manufacturing industry, let more workers master a skill, and let 360 lines of talents emerge.
On the one hand, due to the impact of the epidemic, since 2021, many industries and enterprises have experienced an increase in layoffs, and the implementation of the unemployment insurance fund policy can effectively protect the rights and interests of the unemployed during the epidemic.
On the other hand, the development of traditional manufacturing industry is an important way to stabilize growth and employment, and the shortage of skilled personnel is the short board of high-quality development of the mainland manufacturing industry, improving the matching degree of personnel and posts, strengthening vocational skills training, implementing vocational skills upgrading actions, and accelerating the training of urgently needed talents for the high-quality development of the manufacturing industry.
The Ministry of Human Resources and Social Security said that in 2021, the mainland has maintained the overall stability of the employment situation and achieved a good start in the "14th Five-Year Plan" employment work, from the trend point of view, the mainland's economic development and epidemic prevention and control have maintained a global leading position, the employment foundation is still stable, and the employment situation will continue to maintain overall stability.
Previously, the State Council issued the "14th Five-Year Plan" employment promotion plan, continued to implement part of the burden reduction, job stabilization, and employment expansion policies, and in 2021, the unemployment and work injury insurance premiums were reduced by more than 150 billion yuan, the employment subsidy funds were spent nearly 100 billion yuan, and the unemployment insurance was issued to return 23.1 billion yuan.
Stabilize foreign trade and expand the coverage of export credit insurance for small and medium-sized foreign trade enterprises
In the field of foreign trade, the layout of export credit insurance is a requirement mentioned in the annual government work report. This year's report pointed out that it is necessary to take multiple measures to stabilize foreign trade, expand the coverage of export credit insurance for small and medium-sized foreign trade enterprises, strengthen export credit support, optimize foreign exchange services, speed up the progress of export tax rebates, and help foreign trade enterprises stabilize orders and production.
Affected by factors such as the slow recovery of the global economy and the recurrence of the epidemic, there are many uncertainties in the development environment of foreign trade enterprises, and expanding the coverage of export credit insurance will help give full play to the role of risk prevention and control in advance and timely economic compensation after the fact, and escort the real economy and foreign trade.
A few days ago, the Ministry of Commerce also jointly issued the "Circular of the Ministry of Commerce and the China Export and Credit Insurance Corporation on Increasing Support for Export Credit Insurance and Doing a Good Job in Further Stabilizing Foreign Trade through Cross-cycle Adjustment" to further give play to the role of export credit insurance and make every effort to stabilize foreign trade.
Specifically, the Notice requires that export credit insurance should be effectively increased in service support for small and medium-sized enterprises, expand the coverage and underwriting scale of small and medium-sized foreign trade enterprises, reduce the insurance costs of small and medium-sized enterprises, and optimize claim recovery service measures. Explore the inclusion of new types of offshore international trade with mature conditions into the scope of export trade insurance support, and improve export credit insurance support policies in combination with the characteristics of service trade in different fields. (Blue Whale Insurance, Li Danping, [email protected])