Chinese to English: 养老金黑洞（节选）
Detailed field: Economics | |
Source text - Chinese
这部分人进入国有企业等各种“单位”工作时，领取的工资比较低，他们对经济发展做出的贡献形成了国有资产的一部分。他们的养老问题自然应由国家来负担。但是，政府一直没有找到合理的方式解决这个问题。长时间内，他们的大部分养老负担，被转移到了比他们更晚进入单位的职工头上。
1997年，我国开始实行社会统筹与个人账户相结合的新制度，各地在财务上实行混帐管理，允许统筹基金，个人账户基金相互调剂使用。这是的大量的个人账户上的资金被挪用于向现行的退休者支付养老退休金，数目高达每年1000多亿元。目前个人账户缺口已经积累到8000多亿元。即使如此，养老金依然收不抵支，中央财政每年大约要拨付四五百亿元，来填补这个“窟窿”。
正如学者秋风所论，中国养老金制度一开始就陷入赤字困境，主要是由于一个特殊原因造成的：养老金要为国有体制改革的成本买单。
仅仅要解决这个历史遗留问题，已经非常困难。政府尝试过国有股减持以充实社保基金，但由于坚持方案不力，对原有股市交易形成剧烈冲击，被迫终止。到目前为止，养老金的巨额缺口依然是个悬而未决的问题。 | Translation - English
The employees were paid relatively low when they joined the state-owned enterprises and their contribution to the state economic development has in turn become part of the state-owned assets. Therefore the State should take care of their pensions. However, the State government was not able to find a sound system to fund the pensions. For a long time, the pension fund had to come from employees who joined the enterprises later.
In 1997, China launched a new pension scheme which combines social pooling and individual savings account. It is an integrated account management scheme which allows fund from social pooling to supplement individual savings accounts if needs be and vice versa. This has resulted in a raid of individual savings account to cover for the current retirees; the amount could go as high as over 100 billion Yuan per year. The current shortfall of individual savings account has mounted to 800 billion Yuan. Even so, the pension fund is still under-funded. The central financial administration has to allocate 40 to 50 billion Yuan each year to plug the gap.
As scholar Qiu feng argued, one of the reasons that China’s pension scheme fell into difficulty as soon as it was formed is that the pension fund had to pay the price for the state-own enterprise reform.
To solve this historical issue alone is difficult. The Government attempted to raise the pension fund by selling off state-owned shareholdings. However due to the inappropriate enforcement, the attempt had a devastating impact on the existing stock market, therefore it had to be ceased. Up until now, the huge pension hole has remained an unsolved issue.
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