CAJ | 학술논문

截至2011年底，我国基本养老保险个人账户累计“空账”达到2．2万亿，引发人们对养老基金缺口的担忧。经过分析发现，基本养老保险基金积累仍保持较快增长，个人账户养老金支付规模也有限，短期内基本养老保险支出并不存在风险。但是，因“空账”造成基金损失的投资收益超过5000亿元，而个人账户养老金也因此缩水1/3以上，这构成了基本养老保险制度的真正风险。尽早对基本养老保险基金进行投资运营，并对个人账户合理分配投资收益，是当前制度改革的关键所在。首先采取省级委托、中央集中的投资运营模式，可以绕开难以实现“全国统筹”和“做实个人账户”的工作阻力，同时将投资收益采用“记账”方式计入个人账户，保障账户所有人的权益和未来个人账户养老金的给付水平。
절지2011년저，아국기본양로보험개인장호루계“공장”체도2．2만억，인발인문대양로기금결구적담우。경과분석발현，기본양로보험기금적루잉보지교쾌증장，개인장호양로금지부규모야유한，단기내기본양로보험지출병불존재풍험。단시，인“공장”조성기금손실적투자수익초과5000억원，이개인장호양로금야인차축수1/3이상，저구성료기본양로보험제도적진정풍험。진조대기본양로보험기금진행투자운영，병대개인장호합리분배투자수익，시당전제도개혁적관건소재。수선채취성급위탁、중앙집중적투자운영모식，가이요개난이실현“전국통주”화“주실개인장호”적공작조력，동시장투자수익채용“기장”방식계입개인장호，보장장호소유인적권익화미래개인장호양로금적급부수평。
By the end of 2011,the "empty accounts"of China's basic pension insurance personal ac-counts reached 22,00 billion,causing much concern for the shortage in pension funds among the people.The analysis shows that there is no risk of pension expense over a short period as the accumulation of basic pension funds has maintained a comparatively fast growth while the scale of personal account pension payment is limit-ed.But the investment loss due to the "empty accounts"of the pension funds has exceeded 500 billion Yuan, and personal account pension has shrunk about one third,which poses real risks for the basic pension insurance system.The central issue for the current system reform is to carry out investment operation of the pension funds and allocate appropriately the investment earnings to personal accounts.If the funds are entrusted at the provin-cial level and invested and operated collectively by the central government,the obstacles and difficulties arising from "national coordination"and "consolidating the personal account"will be avoided.In the meantime,the investment gains will be recorded into the personal account by"accounting"to ensure the account owner's rights and pension payout for individuals.