(A) centralized operation system model

Singapore is a new developing country, which adopts the mode of "state capitalism" and emphasizes the adjustment and leading role of the government in economic and social operation. In the operation of Singapore's central provident fund system, it also embodies the characteristics of centralized management by the government. First of all, all social security projects are concentrated in the central provident fund scheme, which is provided by the government in a unified way. It includes not only the system design of housing, pension, medical care and other projects, but also the products and services provided by the government, such as housing units funded by the government and medical institutions operated by the government. Secondly, it is manifested in the collection and management of provident fund. The central provident fund in Singapore is jointly paid by employers and employees, but the Central Provident Fund Bureau must be the government representative and be responsible for the formulation of relevant rules and regulations. The government investment company under the Central Provident Fund Bureau is responsible for the investment and operation of most of the funds.

(B) savings-based old-age security model

There are generally three operating modes of the old-age security system: pay-as-you-go system, self-saving system and partial accumulation system. The old age, survivors' and disability insurance schemes in the United States are typical pay-as-you-go systems. China's basic old-age insurance for employees implements a partial accumulation system. Singapore's central provident fund scheme is a typical representative of the savings-based security model. Its core feature is that the insured accumulates endowment insurance funds in the form of savings during his employment as a source of income after retirement. Under the mode of saving-type old-age security, the existence span of the fund is long, and the external economic environment and its own fund management level are required to maintain and increase the value of the fund. Since the establishment of Singapore's Central Provident Fund Plan for many years, on the one hand, due to the stable external economic environment and good management and operation capabilities, the Central Provident Fund has continued to grow and develop, which has promoted Singapore's economic development while maintaining and increasing its value.

(C) Market-oriented and professional investment management model

Most of the Singapore Central Provident Fund is invested and operated by the Singapore Government Investment Corporation. At present, Singapore Government Investment Corporation is one of the largest 65,438+000 fund management companies in the world. It adheres to the market-oriented management mode and professional investment concept, and invests funds around the world through more than 200 investment experts, most of whom invest in North America, followed by Europe and East Asian countries.

In addition, the independent investment of provident fund members is also managed by selecting corresponding investment tools in the capital market. Without exception, insurance plan funds are outsourced to asset management companies in the market for professional investment management, which embodies the characteristics of marketization and specialization.

4. Enlightenment and reference of Singapore Central Provident Fund.

(A) to strengthen the market-oriented operation of social security funds

20 1 1 At the end of the year, the balance of China's basic endowment insurance fund was 1.95 trillion yuan, the balance of medical insurance fund was 41.50 billion yuan, the balance of unemployment insurance fund was 220.4 billion yuan, and the balance of housing accumulation fund was 2 1 trillion yuan, totaling about 4.6 trillion yuan. Under the current system, the above-mentioned funds can only be used for bank savings and the purchase of government bonds, with high opportunity cost and huge hidden losses. We can learn from Singapore's central provident fund management system, pool funds with certain similar attributes, especially long-term surplus funds, invest and operate in a market-oriented way, reduce management costs, and exert scale effects.

(2) Strengthening the construction of a savings-based old-age security system.

In addition to Singapore's central provident fund system, in countries with developed old-age security systems, savings-based pension plans with fund accumulation systems often become the main body of old-age security systems, such as the 40 1(k) plan in the United States, the personal tax-deferred pension plan and the super annuity plan in Australia. The development of China's fund accumulation enterprise annuity plan lags behind, and the lack of individual tax deferred pension plan has become a shortcoming in the construction of China's old-age security system. Drawing lessons from Singapore's savings pension plan, we can vigorously develop enterprise annuity and personal tax deferred pension plan, rely on multi-level capital market, and operate in a market-oriented way to maintain and increase value.

(C) the government to play a reasonable leading role

At present, the reform of the old-age security system can learn from the functional orientation of the Singapore government in the central provident fund system and play an active role in planning, guiding and supervising. For example, we can consider the allocation of state-owned assets and their dividends, the tax transfer of superior resources, the establishment of long-term and stable sources of funds for endowment insurance, and the establishment of personal accounts. The social security fund as a whole is based on safety and liquidity, and is managed centrally by government specialized agencies and operated in a market-oriented manner. For enterprise annuities and occupational annuities, on the basis of fair rules, adhere to the principle of marketization, expand the insured's right to choose independently, and ensure the goal of maintaining and increasing value.