[雙語翻譯]養(yǎng)老金外文翻譯--哪種養(yǎng)老金模式對中國最有希望（英文）

1、101article 1© the Policy Press · 2009 · issn 0962 7898Benefits ? vol 17 ? no 2 ? 2009 ? 101-11Which pension model holds the most promise for China: a funded defined contribution scheme, a notional defined

2、 contribution scheme or a universal social pension?John B. Williamson, Ce Shen and Yinan Yangfaced with concerns about how to finance pensions for present and particularly future retirees, Chinese policy makers conclud

3、ed that their traditional defined benefit pension scheme was not going to be sustainable. they, like pension policy makers around the world, have been looking for alternatives and have tentatively decided to go with a mu

4、lti-pillar scheme that includes a major funded defined contribution pillar. We question the wisdom of that choice and explore two alternatives, one for urban workers based on the notional defined contribution (nDC) model

5、 and one for rural workers based on the universal social pension model.IntroductionChina has one of the most rapidly increasing rates of old-age dependency in the world. This trend poses a major problem for pension poli

6、cy experts in China. But China is not just another rapidly aging country, in 2007 some 21% of the world’s population aged 60 and over was living in China and in the years ahead China’s share will be increasing (Kinsel

7、la and Velkoff, 2001; UN, 2007). This is one reason that pension policy developments in China are so important. Another is that China is not only a large country, it currently has the world’s fourth largest economy (US

8、 Census Bureau, 2009). Due to its size, the rate of growth of its economy and its status as a developing nation, it is quite possible that other developing nations will be looking to China for ideas about how best to

9、deal with increasing old-age dependency.During the decades after the end of the Second World War, the pay-as-you-go defined benefit (PAYG DB)1 public pension model spread from the industrial nations of the world to othe

10、r nations around the world including many developing nations (Dixon, 1999; US Social Security Administration, 1999). Since the early 1980s several new approaches to providing old-age security in developing nations hav

11、e emerged and are currently being tried out in various nations around the world. We will be considering three of these models: (1) the funded defined contribution (FDC)2 model; (2) the notional (unfunded) defined contr

12、ibution (NDC) model; and (3) the universal non-contributory (social pension) model. The question we will be addressing is which of these three models holds the most promise for China?Benefits_17_2_June_09_text_3.2.i5

13、 5 15/06/2009 09:51:40103Benefits ? vol 17 ? no 2 ? 2009 ? 101-11John B. Williamson et al2007; China Statistical Yearbook, 2007). The lower estimate is based on interviews with our Chinese pension experts who view th

14、e official coverage statistics as inflated (Wang, 2006). The most well known of the two programmes is called Rural Five Guarantees; it is a non-contributory social assistance programme that aims to help or poor older

15、people who are unable to work and have no children to provide for them. The other is a funded old-age insurance plan based on voluntary contributions.Three innovative pension models for ChinaIn this section we briefly o

16、utline three new pension models that have been proposed by those seeking alternatives to traditional PAYG DB pension schemes. One approach is to shift to a multi-pillar scheme that includes a substantial FDC pillar. A

17、second is to include an NDC pillar. A third approach is to include a universal social pension.The funded defined contribution (FDC) modelIn 1981, Chile, like many other Latin American nations at the time, had a relative

18、ly mature PAYG DB scheme in place and was facing a situation in which the payroll tax revenues being collected were not adequate to pay the benefits to current pensioners and demographic projections made it clear that

19、 the problem was destined to become a lot worse in the decades ahead. The government decided to respond by shifting to an innovative new model, the funded defined contribution (FDC) model. For many years Chile’s new p

20、ension scheme became the model for this new approach. T oday there are 12 Latin American schemes and over 30 worldwide that include at least an FDC pillar (James, 2005; Calvo and Williamson, 2008). By the early 1990s t

21、his model was being strongly promoted by the World Bank (1994) for countries around the world facing financing problems with their PAYG DB pension schemes. There are still those who remain strong supporters of the Chil

22、ean model (James, 2005; Zhu and Liu, 2008); however, in recent years opinions about the success of this model have become more mixed (Williamson, 2005; Casey and Dostal, 2008; Kritzer, 2008).The notional defined contri

23、bution (NDC) modelThe NDC model is a second alternative that has emerged in response to the difficulties many countries were having funding their maturing PAYG DB schemes. It typically calls for a PAYG defined contribu

24、tion individual account as one pillar in a multi- pillar scheme. These accounts are notional (unfunded) as the contributions are not deposited; instead, they are used to pay pensions to current retirees (Williamson and

25、 Zheng, 2003; Williamson, 2004; Holzmann and Palmer, 2006). One goal is to tie pension benefits more closely to individual contributions than is typically the case with traditional PAYG DB schemes. The NDC pillar of a

26、pension scheme is not redistributive. However, a separate redistributive pillar is typically included as part of the pension system in most countries with an NDC pillar (but not in Benefits_17_2_June_09_text_3.2.i7 7