What does national coordination of pension insurance mean? When exactly will it start? Attached is the latest news!

my country has attached great importance to the national coordination of pension insurance in recent years. It took the first step towards national coordination in 2018, and recently received good news. So what does national coordination of pension insurance mean? When exactly will it start? Attached is the latest news!

1. What does national coordination of pension insurance mean?

National coordination of pension insurance is to unify system regulations, coordinate the use of funds, and manage the business across the country, achieve coordinated development of the national pension insurance industry, reduce local fiscal burdens, and enhance the guarantee capacity of corporate pension insurance funds. It is a great thing that benefits the country and the people. The national pooling scheme for pension insurance is as follows:

1. Implement national coordination of basic pension insurance for enterprise employees and ensure that national coordinated adjustment funds are allocated in place.

2. Formulate individual pension documents and supporting policies to promote the implementation of the individual pension system. The Interim Measures for Sickness and Disability Allowances for Enterprise Employees’ Basic Pension Insurance were issued. Promote the pilot program of occupational injury protection for people employed in new employment forms. Strengthen prevention of work-related injuries.

3. Continuously optimize agency services. Do a good job in social security fund investment and risk prevention and control.

2. When will the national coordination of pension insurance begin? Attached is the latest news!

The national coordination of pension insurance will be implemented from January 2022. Because on February 22, 2022, the Ministry of Human Resources and Social Security held a press conference for the fourth quarter of 2021. At the meeting, relevant staff stated that in accordance with the decisions and deployments of the Party Central Committee and the State Council, national coordination of pension insurance will be implemented starting from January this year. The latest news on the specific implementation of the policy is as follows:

1. New policy for national coordination of pension insurance: Adjustment of current surpluses and shortages of pension insurance funds among regions

After the implementation of the national unified planning system, adjustments will be made across the country to the current surpluses and shortages of pension insurance funds among regions to ensure that pensions are paid on time and in full. This will institutionally solve the structural contradictions of the fund, and pension payments in difficult areas will be more secure. We will work with relevant departments to strengthen the management of national coordinated allocation of funds to ensure the safety of the funds and smooth allocation.

2. New national pension insurance policy II: Establishing a mechanism for sharing expenditure responsibilities between the central and local governments

After the implementation of the national unified planning system, a mechanism for sharing the expenditure responsibilities of the central and local governments will be established. The central government’s subsidies for pension insurance will not be reduced and will maintain stability and continuity. On this basis, the expenditure responsibilities of local governments will be clearer and the responsibilities of governments at all levels will be further strengthened.

3. New national pension insurance policy III: further improving overall protection capabilities

After national coordination, by strengthening the unified management of pension insurance policies, fund management, agency services, information systems, etc., it will be beneficial to further improve the overall protection capabilities, enhance the uniformity and standardization of the system, better ensure that pensions are paid on time and in full, and provide more convenient and fast services for participating enterprises and insured persons.

Summary: National coordination of pension insurance is to unify system regulations, uniformly coordinate the use of funds, and uniformly manage the operations across the country to achieve the coordinated development of the national pension insurance industry. According to the latest news from the Ministry of Human Resources and Social Security, it will be implemented from January 2022.