Principles of Social Security Lecturer: Jack Wu. Social Security Social Assistances: Means-Tested Programs (In Cash or In Kind) Social Insurances _Retirement.

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Presentation transcript:

Principles of Social Security Lecturer: Jack Wu

Social Security Social Assistances: Means-Tested Programs (In Cash or In Kind) Social Insurances _Retirement Insurance _Disability Insurance _Unemployment Insurance _Health Insurance

Financing Pay-As-You-Go Fully Funded Partially Funded Defined Contribution Defined Benefit

Contribution Social Security Payroll Tax Premium _Lump-Sum Premium _Salary-related Premium Shared by government, employer and employee

Benefit Flat rate Salary-related Benefit

Social Security Wealth Gross Social Security Wealth Net Social Security Wealth

Return Implicit Return Rate Replacement Rate Marginal Benefit-Tax Linkage

Economic Impacts of Social Security Saving Work Retirement

Insolvency Aging Problem causes the insolvency crisis of Pay-As-You-Go system Declining return makes social security less popular among young generations Social security has to reform.

Reform Trend Privatization _ Advance funding _ Portfolio Diversification _ Individual Account

Economic Benefits of Privatization Saving Efficiency Economic Growth Return Rate

Costs of Privatization Transition Costs Risk Costs

China Social Security Reform Early stage: Purely sponsored by enterprises Middle stage: Social Security Pooling Recent stage: Multi-tier Social Security System Future Trend: Privatization

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