Go to the property center and ask for the owner's name
Publish: 2021-04-25 11:35:30
1. Wujiang human resources and social security bureau address: 5th floor, Wujiang building, No.1000 Renmin Road, Wujiang City Business Consulting: 12333
Wujiang 108 Road (or Wujiang 102)
starting point: Wujiang bus station
take Wujiang 108 Road (or Wujiang 102 Road), get off at Wujiang building at 2 stops, and walk south for 80 meters to Wujiang building. The whole journey is about 22 minutes / 3.3 km / 2 stops / direct
Wujiang 108 Road (or Wujiang 102)
starting point: Wujiang bus station
take Wujiang 108 Road (or Wujiang 102 Road), get off at Wujiang building at 2 stops, and walk south for 80 meters to Wujiang building. The whole journey is about 22 minutes / 3.3 km / 2 stops / direct
2. Hunan dishwasher, which is engaged in the research of tableware cleaning, according to the actual situation of the canteen, the number of tableware in the canteen, the size of the canteen, the number of diners, the material and shape of the tableware, makes the cleaning and disinfection scheme of the canteen tableware for the centralized dining of the staff in the organs, schools, kindergartens, companies, factories, hospitals and troops. Special dishwasher must be used for all kinds of tableware. It does not need initial washing and soaking. It also saves time, labor and electricity. The cleanliness can reach 100%.
3. No. 1868, South Chuxiang Road, Wujiang City. Take bus No. 112, 201, 205 to the bus stop of the post office building. It's less than 100 meters to the Social Security Bureau.
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5. You can go to the social security bureau with the supplementary application form to get the endowment insurance manual. After you get the manual, you can fill in the information, paste the photo and stamp it with steel seal to return the insurance.
6. You can call the unified service hotline 12333, or go to the website of the local social security center.
7. The types of e-money can be divided in different ways according to different classification basis
(1) electronic currency with computer as medium and electronic currency without computer as medium
1. Electronic currency without computer as medium. The electronic currency that does not take the computer as the medium is represented by the stored value card. The basic mode is that the issuer issues a stored value card to store a certain value, the consumer purchases the card to pay for the goods or services purchased, and the person who sells the goods or provides the services redeems the currency value from the issuer. The electronic currency of card stored value includes the electronic currency issued by a single issuer and the electronic currency issued by multiple issuers. The former is like the Mondex model of the UK in 1995, while the latter is like visa cash, which was launched by visa Group and tested in the 1996 Olympic Games. The Federal Reserve of the United States further divides stored value cards into offline and online ones
(1) offline stored value card is a stored value card that does not need to be authorized and verified ring transaction. Cardholders can directly use the stored value card to shop like money. The transaction information is usually transmitted to the financial institutions (generally the issuers) after a period of time after the transaction. According to whether the card issuing can track the amount of the stored value card held by the cardholder by setting up a central data storage device, the offline stored value card is divided into offline unrecorded stored value card and offline unrecorded stored value card. The transaction records of the offline unrecorded stored value card are stored on the stored value card, There is no central data storage device to record transactions, such as general telephone card, bus card, etc. Offline recordable stored value card transactions are recorded by the central data storage device set by the issuer. At the same time, the transaction and balance are generally displayed on the stored value card
(2) online stored value card. The use of online stored value cards for transactions involves online authorization and verification. The balance of the customer's funds is kept in the central data storage system of the issuer, rather than recorded on the stored value card. During the transaction, the transaction information is transmitted from the sales terminal to the financial institution holding the customer's funds. Therefore, the financial institution is informed of the amount of the transaction and the balance on the customer's stored value card, and the financial institution will confirm and conclude the transaction. The Federal Reserve has made strict requirements for such cards, that is, they must comply with all the provisions of regulation E
2. Electronic currency with computer as medium. The computer-based e-commerce is to store the value of money in the computer and conct electronic transactions through the computer network. The buyer and the seller can conct transactions even if they are far away from each other. Its basic mode is that the buyer and the seller conct online transactions through the Internet. After the two sides reach an agreement on the main terms, the buyer will notify its bank to pay the seller through the network, The bank makes payment to the seller after receiving the buyer's instructions and confirming them. At present, this kind of electronic currency is still in the experimental stage, mainly including digicash and Cybercash. For this kind of electronic currency, the Federal Reserve of the United States hopes to apply the relevant laws and regulations to this kind of procts, but it also needs to seek the opinions of the parties concerned< (2) the classification of stored value cards by the Federal Deposit Insurance Corporation of the United States
because the Federal Deposit Insurance Corporation has the right to decide which deposits belong to the scope of federal deposit insurance protection, it depends on the situation that the financial institutions hold the funds for customers to pay for the purchase of stored value cards, that is, after the customers purchase the stored value cards, Whether a financial institution has set up a special account to hold funds on behalf of customers, and whether this account is affected by the financial transactions of customers, there are four types of stored value cards:
(1) bank primary customer account systems. This kind of stored value card is characterized by the fact that the funds are held in the customer's account before they are transferred to the merchant or other third party. The funds kept in the customer's account are considered as deposits that can be covered by federal deposit insurance
(2) bank primary reserve systems. The characteristic of this kind of stored value card is that the funds are not kept in the customer's account, but transferred from the customer's account to the bank's margin account or general liability account, and then transferred from the margin account or general liability account to the merchant or a third party when trading. Because this kind of account is not kept in the customer's account, it is not protected by the Federal Deposit Insurance
(3) it belongs to the bank second advanced systems of the third-party customers. In this kind of stored value card, the bank is not the issuer of the stored value card, but only an intermediary. Relative to the bank and the customer, the issuer belongs to the third party. The third party issues the stored value card and transfers its electronic value to the bank. The bank collects funds from the customer who purchases the currency value of the stored value card on behalf of the issuer, and then transfers the funds to the issuer. Such funds belong to the issuer's deposits with the bank and are therefore protected by federal deposit insurance
(4) bank secondary pry acquisition systems, which belong to the bank's own assets. In this kind of stored value card, the bank purchases the currency value of the electronic currency from the issuer, and then sells it to the customer. In this process, the value contained in the stored value card belongs to the bank for a period of time and does not involve any deposit.
(1) electronic currency with computer as medium and electronic currency without computer as medium
1. Electronic currency without computer as medium. The electronic currency that does not take the computer as the medium is represented by the stored value card. The basic mode is that the issuer issues a stored value card to store a certain value, the consumer purchases the card to pay for the goods or services purchased, and the person who sells the goods or provides the services redeems the currency value from the issuer. The electronic currency of card stored value includes the electronic currency issued by a single issuer and the electronic currency issued by multiple issuers. The former is like the Mondex model of the UK in 1995, while the latter is like visa cash, which was launched by visa Group and tested in the 1996 Olympic Games. The Federal Reserve of the United States further divides stored value cards into offline and online ones
(1) offline stored value card is a stored value card that does not need to be authorized and verified ring transaction. Cardholders can directly use the stored value card to shop like money. The transaction information is usually transmitted to the financial institutions (generally the issuers) after a period of time after the transaction. According to whether the card issuing can track the amount of the stored value card held by the cardholder by setting up a central data storage device, the offline stored value card is divided into offline unrecorded stored value card and offline unrecorded stored value card. The transaction records of the offline unrecorded stored value card are stored on the stored value card, There is no central data storage device to record transactions, such as general telephone card, bus card, etc. Offline recordable stored value card transactions are recorded by the central data storage device set by the issuer. At the same time, the transaction and balance are generally displayed on the stored value card
(2) online stored value card. The use of online stored value cards for transactions involves online authorization and verification. The balance of the customer's funds is kept in the central data storage system of the issuer, rather than recorded on the stored value card. During the transaction, the transaction information is transmitted from the sales terminal to the financial institution holding the customer's funds. Therefore, the financial institution is informed of the amount of the transaction and the balance on the customer's stored value card, and the financial institution will confirm and conclude the transaction. The Federal Reserve has made strict requirements for such cards, that is, they must comply with all the provisions of regulation E
2. Electronic currency with computer as medium. The computer-based e-commerce is to store the value of money in the computer and conct electronic transactions through the computer network. The buyer and the seller can conct transactions even if they are far away from each other. Its basic mode is that the buyer and the seller conct online transactions through the Internet. After the two sides reach an agreement on the main terms, the buyer will notify its bank to pay the seller through the network, The bank makes payment to the seller after receiving the buyer's instructions and confirming them. At present, this kind of electronic currency is still in the experimental stage, mainly including digicash and Cybercash. For this kind of electronic currency, the Federal Reserve of the United States hopes to apply the relevant laws and regulations to this kind of procts, but it also needs to seek the opinions of the parties concerned< (2) the classification of stored value cards by the Federal Deposit Insurance Corporation of the United States
because the Federal Deposit Insurance Corporation has the right to decide which deposits belong to the scope of federal deposit insurance protection, it depends on the situation that the financial institutions hold the funds for customers to pay for the purchase of stored value cards, that is, after the customers purchase the stored value cards, Whether a financial institution has set up a special account to hold funds on behalf of customers, and whether this account is affected by the financial transactions of customers, there are four types of stored value cards:
(1) bank primary customer account systems. This kind of stored value card is characterized by the fact that the funds are held in the customer's account before they are transferred to the merchant or other third party. The funds kept in the customer's account are considered as deposits that can be covered by federal deposit insurance
(2) bank primary reserve systems. The characteristic of this kind of stored value card is that the funds are not kept in the customer's account, but transferred from the customer's account to the bank's margin account or general liability account, and then transferred from the margin account or general liability account to the merchant or a third party when trading. Because this kind of account is not kept in the customer's account, it is not protected by the Federal Deposit Insurance
(3) it belongs to the bank second advanced systems of the third-party customers. In this kind of stored value card, the bank is not the issuer of the stored value card, but only an intermediary. Relative to the bank and the customer, the issuer belongs to the third party. The third party issues the stored value card and transfers its electronic value to the bank. The bank collects funds from the customer who purchases the currency value of the stored value card on behalf of the issuer, and then transfers the funds to the issuer. Such funds belong to the issuer's deposits with the bank and are therefore protected by federal deposit insurance
(4) bank secondary pry acquisition systems, which belong to the bank's own assets. In this kind of stored value card, the bank purchases the currency value of the electronic currency from the issuer, and then sells it to the customer. In this process, the value contained in the stored value card belongs to the bank for a period of time and does not involve any deposit.
8. The main function of gold is to influence the exchange rate. The reasons are as follows: 1. The proportion of monetary gold in the reserves of each country is very small, about 5%. 2. One quarter of China's existing foreign exchange reserves can buy all countries' gold reserves. 3. The important content of the floating exchange rate system implemented since 1976 is the non monetization of gold, that is, the means of payment for which gold cannot be traded internationally
9. What is inflation? There are various definitions of inflation in western economics, mainly because of the different perspectives of defining inflation. In order to facilitate analysis and understanding, we choose the theory of American economists ledler and parkin. Inflation is a process of continuous price rise, which means that inflation is a process of continuous price rise, In the economic model of community, the nominal price is constant, which means the continuous devaluation of currency. If the currency is allowed to depreciate, the attraction of community points to friends will be greatly reced, resulting in the decrease of social supply. To solve this problem, the community's countermeasures are as follows, This paper uses the high hit rate and high rate of return of the integral bet to promote the currency appreciation, and solves this problem through this hedge.
inflation is the general and continuous rise of the price level. According to the severity of inflation, it can be divided into three categories:
first, crawling inflation, also known as moderate inflation, is characterized by low and stable inflation rate
Second, accelerated inflation, also known as Benz's inflation, is characterized by high inflation rate (generally more than double-digit) and increasing
thirdly, hyperinflation, also known as hyperinflation, is characterized by very high inflation rate (the standard is that the monthly inflation rate is more than 50%) and completely out of control
there is also a kind of suppressed inflation, also known as hidden inflation. This kind of inflation means that there is inflation pressure in the economy, but because the government has implemented strict price control and rationing system, inflation has not occurred. Once the price control is lifted and the rationing system is abolished, serious inflation will occur< (2) calculation of inflation rate
inflation is measured by the price index. The formula for calculating inflation rate with price index is: expected price index - base price index / base price index
What do you want to adopt
inflation is the general and continuous rise of the price level. According to the severity of inflation, it can be divided into three categories:
first, crawling inflation, also known as moderate inflation, is characterized by low and stable inflation rate
Second, accelerated inflation, also known as Benz's inflation, is characterized by high inflation rate (generally more than double-digit) and increasing
thirdly, hyperinflation, also known as hyperinflation, is characterized by very high inflation rate (the standard is that the monthly inflation rate is more than 50%) and completely out of control
there is also a kind of suppressed inflation, also known as hidden inflation. This kind of inflation means that there is inflation pressure in the economy, but because the government has implemented strict price control and rationing system, inflation has not occurred. Once the price control is lifted and the rationing system is abolished, serious inflation will occur< (2) calculation of inflation rate
inflation is measured by the price index. The formula for calculating inflation rate with price index is: expected price index - base price index / base price index
What do you want to adopt
10. The direct impact of the Asian financial turmoil on the economy
1. The value of the stock market fell by 20% to 50%
from October 1997 to October 1998, all Asian countries and regions, except China, were faced with the sharp decline of the stock market. Japan and Taiwan fell by about 20%, while the rest of the country fell by more than 40%; Malaysia fell more than 50%. In a short period of time, countries and places have lost more than 40% of their assets, which is really alarming
2. The value of foreign exchange market has also depreciated
after the financial turmoil, the currency values of various countries and regions have been reced one after another. Four little dragons, in addition to Hong Kong maintaining the linked exchange rate to avoid devaluation, the currencies of other Asian countries and regions (except China) have devaluation of 30% to 80%. Indonesia's devaluation is as high as 340%. All these have dealt a huge blow to the overall asset value< Some policy makers, especially international organizations such as the world bank and the International Monetary Fund, believe that devaluation will contribute to the competitiveness of imports and exports and stimulate economic recovery. However, the fact is just the opposite. According to the forecast in 1998, all countries and regions except India have negative growth. Exports are estimated to fall by 5% to 10%. And the entrance has been greatly reced. With the exception of Taiwan and Hong Kong, which only fell by 6% to 10%, the rest fell by more than 12%; Thailand and Indonesia saw a further 30% drop. It shows that depreciation does not necessarily increase exports, and recing imports can only delay exports< As a result, the economic growth of Asian countries and regions suddenly turned from high-speed growth to negative growth. Except for China, India and Taiwan, none of them are spared. South Korea, Malaysia and Thailand are estimated to have a negative growth rate of 6% - 8%; Indonesia, on the other hand, may see a substantial negative growth of 18%< When the overall economy shows negative growth, the unemployment problem will be worse; In all the countries and regions affected by the financial turmoil, the unemployment rate has more than doubled over the previous year. Table 5 shows that except for Taiwan and Singapore, which can maintain below 4%, the rest are more than 5%; South Korea, the Philippines and Indonesia are estimated to have seen their unemployment rates soar by more than 10%
6. Falling wages and property prices
the labor market is oversupplied e to the increase of the unemployed. Employers take the opportunity to lower wages and rece costs. For example, wages in Hong Kong are generally reced by 10-20%. At the same time, e to the weakening of consumption power and poor sales market, users can not afford high property prices or rents. As a result, property prices and rents also fell. The situation in Hong Kong is particularly severe, with property prices falling by 30%< The direct impact of the Asian financial crisis on social security is as follows: 1. The return on investment of social security funds has suffered a great loss; 2; The authorities concerned must think about investment to maintain and increase the value. But investment often carries great risks, especially in the stock market and exchange rate market. The emergence of the Asian financial crisis has led to a sharp decline in the stock market and foreign exchange market, which will cause heavy losses to many social security funds. Here's a look at Hong Kong
as Hong Kong has decided to develop a mandatory private provident fund, the possible impact on it will be analyzed here. First of all, we find that global financial storms occur almost every ten years. Return on investment should be analyzed in terms of periodicity, not in terms of a certain peak period. For example, the last stock disaster was in 1987, so it is not suitable to use 1983 to estimate it. We should invest after the stock disaster to another major stock disaster, such as 1997 as a cycle, in order to accurately estimate the real return of investment
the current MPF draft encourages high-risk investment strategy, allowing 100% of assets to be invested in the stock market, even if 100% of assets are only invested in the stock market in the last year, and only taking into account the impact of the current financial turmoil in Hong Kong (if the situation in Southeast Asia is taken into account, the disaster will be more serious). Once there is a problem, it is not trivial
in the investment cycle of the past decade, the average annual return rate of the whole private pension fund in Hong Kong is only 6% (assuming that the stock loss is 30%). This is estimated to be 8.8% lower than the average annual inflation rate. In other words, the high-risk investment strategy of the draft MPF is vulnerable to the financial turmoil
MPF offices only lost 7% of their investment returns in 1997; However, referring to the asset changes of the top 10 families of Listed Companies in Hong Kong, we can see that most of the losses in 1997 ranged from 30% to 50%, which shows that the author's estimation is accurate and reliable. In other words, the high-risk investment strategy of the private MPF can not withstand the impact of the financial turmoil, resulting in great losses to the public
if we use the stable investment strategy of Land Fund (i.e. 30% stocks, 40% debt stocks and 30% bank cash), even if we encounter the negative impact of the same financial storm, the average annual return of 1988-1997 cycle is roughly estimated to be 9.5% (assuming that the stock loss is 30%). In other words, compared with the average annual inflation of 8.8%, it can still maintain the value and increase the value slightly. However, according to the latest settlement at the end of June 1998, it is difficult to maintain the value of land fund investment. We can see the lethality of the Asian financial turmoil. It is believed that most Asian countries adopting the provident fund system will suffer heavy losses in their funds, which will seriously weaken their ability to repay
2. The number of unemployed people has increased, while the number of employees paying contributions has decreased
e to the Asian financial crisis, the unemployment rate has risen sharply, with the unemployment rate reaching 10% in most countries. This means that 1 / 10 of the employees are unable to contribute, and the employer's contribution is also lost. Then the total amount of contributions must have lost one tenth of the fund in that year. If these conditions continue for three years, the situation will be even worse. Because most countries rarely predict that the unemployment rate will be more than 10%, which will lead to deviation in the actuarial calculation of the whole social security fund, and even affect its financial stability
3. With the decrease of wages, the amount of contributions will decrease
the employees who avoid unemployment are likely to be reced by employers. Because of the economic downturn and the growth of unemployment, employers will take the opportunity to rece wages, so as to rece costs and increase profits. When wages fall, naturally, the amount of contributions from both employers and employees will decrease with the same contribution rate, resulting in a decrease in the total amount of social insurance. Of course, this will affect its fiscal soundness
4. The difficulties of enterprises increase, and the write off and non payment increase
e to the economic downturn, many enterprises will go bankrupt, lay off employees, rece wages or move out. Results the enterprise is responsible for recing the contribution. Other enterprises are barely able to maintain their operation, but it is difficult to take into account employee benefits, so they rece employee benefits. Of course, social security benefits will bear the brunt: voluntary enterprise pension and medical insurance will be abolished or reced; The social security plan stipulated by national legislation may not be able to cope with it; The rate of non contribution will increase accordingly, which will directly affect the financial stability of the social security fund
5. With the increase of unemployment, the financial burden of unemployment insurance and social assistance becomes heavier
e to the increase of unemployment, the number of people who naturally receive unemployment insurance benefits increases, which directly increases the expenditure of unemployment insurance benefits, resulting in the increase of financial burden. In addition, as unemployment insurance benefits generally provide only six months to one year of protection, those who are still unemployed after receiving them can only turn to social assistance. The examples of western countries can be seen; For example, in the UK and the Netherlands, 40% to 60% of the unemployed receive social assistance. At present, more than 10% of the total number of social assistance cases are received by the unemployed in Hong Kong, and they are going to the West. This creates a financial burden on the government< The Enlightenment of the Asian financial turmoil on the development of social security
1. Social security funds should not invest in the stock market
according to the analysis in Table 1 to table 6 above, the risk of investing in the stock market is extremely high. Even if less than 30% of the investment in the stock market is restricted according to international practice, the consequence will be just like that of the land fund of Hong Kong, which is hard to resist the financial storm and will suffer losses. Therefore, the social security fund should not invest in the stock market. Recently, the illegal practices of secret hedge funds in the United States have also exposed their shortcomings and risks, resulting in the loss of more than 100 billion US dollars, resulting in the chain effect of the international banking system and the intervention and rescue of the United States government. I believe that if there is no other better regulatory method, such covert and dangerous speculative groups will be able to manipulate the financial market behind the scenes. For the social security fund, which aims at social security, it is not appropriate to take these risks to avoid harming the welfare of the insured
2. Social security funds should be invested in social services and infrastructure, which can preserve value and create employment opportunities
social security funds should not invest in the stock market, but can be transferred to social services and infrastructure. It is not only stable, but also has great economic benefits. At present, many Asian countries have not yet provided enough services to meet the needs of different clients in accordance with policy planning. Therefore, we can take this opportunity to speed up the development of social services and meet the needs of the society, so as to create employment opportunities, hire staff and provide services
the biggest advantage of investing in social services to increase employment opportunities is that it can provide employment opportunities for many low skilled middle-aged people. Generally speaking, middle-aged people with low skills, both men and women, are more difficult to compete with young and skilled people for employment opportunities. At the same time, it is more difficult for these elderly people to receive technical training and upgrade their skills. However, community services, such as personal care, home help and home maintenance, are quite suitable for middle-aged non-technical people. Therefore, the establishment of these social services is very necessary
at a higher level, the development of social services, such as public housing, ecation and health care, will create employment opportunities on a larger scale, solve unemployment and rece poverty. The following is an illustration of the situation in Hong Kong< At present, there are more than 150000 applications for public housing. If the government of the Hong Kong Special Administrative Region insists on building 50000 public housing units every year, it will greatly rece the waiting number and shorten the waiting time; And it can meet the future population growth of Hong Kong, reaching 8 million. In addition to meeting the housing needs quickly, its job creation and functional effects are remarkable. The construction of public housing can bring business to the construction instry and employ construction workers; At the time of occupation, the residents need to decorate and design, add household appliances, household sundries, etc., to proce chain economic benefits, make the whole sales instry and department store instry prosperous, and naturally increase employment opportunities. Large shopping malls in public housing estates will increase the development of retail instry< Similarly, in order to improve the quality of ecation, it is necessary to build and add the existing primary and secondary schools. At present, the staff office is very crowded, and it is difficult for teachers to give full play to their ability to guide students. At present, the ratio of teachers to students is too large. There is a need to rece the number of students in each class, so as to increase teachers' care for students
similarly, improving medical facilities has the same effect. At present, newspapers often report that hospital beds are insufficient, so it is often necessary to add canvas beds; The hospital is understaffed, especially nurses and nursing staff. It is necessary to increase the number of district hospitals and recruit more medical staff to maintain and improve the service quality. More hospitals, more medical equipment and more staff will help create more job opportunities
therefore, the development of overall social services can not only improve social work services, ecation, housing and medical facilities and services, better meet the needs of the public, but also bring more employment opportunities
perhaps policy makers will ask: what are the benefits of investing in social services
1. The value of the stock market fell by 20% to 50%
from October 1997 to October 1998, all Asian countries and regions, except China, were faced with the sharp decline of the stock market. Japan and Taiwan fell by about 20%, while the rest of the country fell by more than 40%; Malaysia fell more than 50%. In a short period of time, countries and places have lost more than 40% of their assets, which is really alarming
2. The value of foreign exchange market has also depreciated
after the financial turmoil, the currency values of various countries and regions have been reced one after another. Four little dragons, in addition to Hong Kong maintaining the linked exchange rate to avoid devaluation, the currencies of other Asian countries and regions (except China) have devaluation of 30% to 80%. Indonesia's devaluation is as high as 340%. All these have dealt a huge blow to the overall asset value< Some policy makers, especially international organizations such as the world bank and the International Monetary Fund, believe that devaluation will contribute to the competitiveness of imports and exports and stimulate economic recovery. However, the fact is just the opposite. According to the forecast in 1998, all countries and regions except India have negative growth. Exports are estimated to fall by 5% to 10%. And the entrance has been greatly reced. With the exception of Taiwan and Hong Kong, which only fell by 6% to 10%, the rest fell by more than 12%; Thailand and Indonesia saw a further 30% drop. It shows that depreciation does not necessarily increase exports, and recing imports can only delay exports< As a result, the economic growth of Asian countries and regions suddenly turned from high-speed growth to negative growth. Except for China, India and Taiwan, none of them are spared. South Korea, Malaysia and Thailand are estimated to have a negative growth rate of 6% - 8%; Indonesia, on the other hand, may see a substantial negative growth of 18%< When the overall economy shows negative growth, the unemployment problem will be worse; In all the countries and regions affected by the financial turmoil, the unemployment rate has more than doubled over the previous year. Table 5 shows that except for Taiwan and Singapore, which can maintain below 4%, the rest are more than 5%; South Korea, the Philippines and Indonesia are estimated to have seen their unemployment rates soar by more than 10%
6. Falling wages and property prices
the labor market is oversupplied e to the increase of the unemployed. Employers take the opportunity to lower wages and rece costs. For example, wages in Hong Kong are generally reced by 10-20%. At the same time, e to the weakening of consumption power and poor sales market, users can not afford high property prices or rents. As a result, property prices and rents also fell. The situation in Hong Kong is particularly severe, with property prices falling by 30%< The direct impact of the Asian financial crisis on social security is as follows: 1. The return on investment of social security funds has suffered a great loss; 2; The authorities concerned must think about investment to maintain and increase the value. But investment often carries great risks, especially in the stock market and exchange rate market. The emergence of the Asian financial crisis has led to a sharp decline in the stock market and foreign exchange market, which will cause heavy losses to many social security funds. Here's a look at Hong Kong
as Hong Kong has decided to develop a mandatory private provident fund, the possible impact on it will be analyzed here. First of all, we find that global financial storms occur almost every ten years. Return on investment should be analyzed in terms of periodicity, not in terms of a certain peak period. For example, the last stock disaster was in 1987, so it is not suitable to use 1983 to estimate it. We should invest after the stock disaster to another major stock disaster, such as 1997 as a cycle, in order to accurately estimate the real return of investment
the current MPF draft encourages high-risk investment strategy, allowing 100% of assets to be invested in the stock market, even if 100% of assets are only invested in the stock market in the last year, and only taking into account the impact of the current financial turmoil in Hong Kong (if the situation in Southeast Asia is taken into account, the disaster will be more serious). Once there is a problem, it is not trivial
in the investment cycle of the past decade, the average annual return rate of the whole private pension fund in Hong Kong is only 6% (assuming that the stock loss is 30%). This is estimated to be 8.8% lower than the average annual inflation rate. In other words, the high-risk investment strategy of the draft MPF is vulnerable to the financial turmoil
MPF offices only lost 7% of their investment returns in 1997; However, referring to the asset changes of the top 10 families of Listed Companies in Hong Kong, we can see that most of the losses in 1997 ranged from 30% to 50%, which shows that the author's estimation is accurate and reliable. In other words, the high-risk investment strategy of the private MPF can not withstand the impact of the financial turmoil, resulting in great losses to the public
if we use the stable investment strategy of Land Fund (i.e. 30% stocks, 40% debt stocks and 30% bank cash), even if we encounter the negative impact of the same financial storm, the average annual return of 1988-1997 cycle is roughly estimated to be 9.5% (assuming that the stock loss is 30%). In other words, compared with the average annual inflation of 8.8%, it can still maintain the value and increase the value slightly. However, according to the latest settlement at the end of June 1998, it is difficult to maintain the value of land fund investment. We can see the lethality of the Asian financial turmoil. It is believed that most Asian countries adopting the provident fund system will suffer heavy losses in their funds, which will seriously weaken their ability to repay
2. The number of unemployed people has increased, while the number of employees paying contributions has decreased
e to the Asian financial crisis, the unemployment rate has risen sharply, with the unemployment rate reaching 10% in most countries. This means that 1 / 10 of the employees are unable to contribute, and the employer's contribution is also lost. Then the total amount of contributions must have lost one tenth of the fund in that year. If these conditions continue for three years, the situation will be even worse. Because most countries rarely predict that the unemployment rate will be more than 10%, which will lead to deviation in the actuarial calculation of the whole social security fund, and even affect its financial stability
3. With the decrease of wages, the amount of contributions will decrease
the employees who avoid unemployment are likely to be reced by employers. Because of the economic downturn and the growth of unemployment, employers will take the opportunity to rece wages, so as to rece costs and increase profits. When wages fall, naturally, the amount of contributions from both employers and employees will decrease with the same contribution rate, resulting in a decrease in the total amount of social insurance. Of course, this will affect its fiscal soundness
4. The difficulties of enterprises increase, and the write off and non payment increase
e to the economic downturn, many enterprises will go bankrupt, lay off employees, rece wages or move out. Results the enterprise is responsible for recing the contribution. Other enterprises are barely able to maintain their operation, but it is difficult to take into account employee benefits, so they rece employee benefits. Of course, social security benefits will bear the brunt: voluntary enterprise pension and medical insurance will be abolished or reced; The social security plan stipulated by national legislation may not be able to cope with it; The rate of non contribution will increase accordingly, which will directly affect the financial stability of the social security fund
5. With the increase of unemployment, the financial burden of unemployment insurance and social assistance becomes heavier
e to the increase of unemployment, the number of people who naturally receive unemployment insurance benefits increases, which directly increases the expenditure of unemployment insurance benefits, resulting in the increase of financial burden. In addition, as unemployment insurance benefits generally provide only six months to one year of protection, those who are still unemployed after receiving them can only turn to social assistance. The examples of western countries can be seen; For example, in the UK and the Netherlands, 40% to 60% of the unemployed receive social assistance. At present, more than 10% of the total number of social assistance cases are received by the unemployed in Hong Kong, and they are going to the West. This creates a financial burden on the government< The Enlightenment of the Asian financial turmoil on the development of social security
1. Social security funds should not invest in the stock market
according to the analysis in Table 1 to table 6 above, the risk of investing in the stock market is extremely high. Even if less than 30% of the investment in the stock market is restricted according to international practice, the consequence will be just like that of the land fund of Hong Kong, which is hard to resist the financial storm and will suffer losses. Therefore, the social security fund should not invest in the stock market. Recently, the illegal practices of secret hedge funds in the United States have also exposed their shortcomings and risks, resulting in the loss of more than 100 billion US dollars, resulting in the chain effect of the international banking system and the intervention and rescue of the United States government. I believe that if there is no other better regulatory method, such covert and dangerous speculative groups will be able to manipulate the financial market behind the scenes. For the social security fund, which aims at social security, it is not appropriate to take these risks to avoid harming the welfare of the insured
2. Social security funds should be invested in social services and infrastructure, which can preserve value and create employment opportunities
social security funds should not invest in the stock market, but can be transferred to social services and infrastructure. It is not only stable, but also has great economic benefits. At present, many Asian countries have not yet provided enough services to meet the needs of different clients in accordance with policy planning. Therefore, we can take this opportunity to speed up the development of social services and meet the needs of the society, so as to create employment opportunities, hire staff and provide services
the biggest advantage of investing in social services to increase employment opportunities is that it can provide employment opportunities for many low skilled middle-aged people. Generally speaking, middle-aged people with low skills, both men and women, are more difficult to compete with young and skilled people for employment opportunities. At the same time, it is more difficult for these elderly people to receive technical training and upgrade their skills. However, community services, such as personal care, home help and home maintenance, are quite suitable for middle-aged non-technical people. Therefore, the establishment of these social services is very necessary
at a higher level, the development of social services, such as public housing, ecation and health care, will create employment opportunities on a larger scale, solve unemployment and rece poverty. The following is an illustration of the situation in Hong Kong< At present, there are more than 150000 applications for public housing. If the government of the Hong Kong Special Administrative Region insists on building 50000 public housing units every year, it will greatly rece the waiting number and shorten the waiting time; And it can meet the future population growth of Hong Kong, reaching 8 million. In addition to meeting the housing needs quickly, its job creation and functional effects are remarkable. The construction of public housing can bring business to the construction instry and employ construction workers; At the time of occupation, the residents need to decorate and design, add household appliances, household sundries, etc., to proce chain economic benefits, make the whole sales instry and department store instry prosperous, and naturally increase employment opportunities. Large shopping malls in public housing estates will increase the development of retail instry< Similarly, in order to improve the quality of ecation, it is necessary to build and add the existing primary and secondary schools. At present, the staff office is very crowded, and it is difficult for teachers to give full play to their ability to guide students. At present, the ratio of teachers to students is too large. There is a need to rece the number of students in each class, so as to increase teachers' care for students
similarly, improving medical facilities has the same effect. At present, newspapers often report that hospital beds are insufficient, so it is often necessary to add canvas beds; The hospital is understaffed, especially nurses and nursing staff. It is necessary to increase the number of district hospitals and recruit more medical staff to maintain and improve the service quality. More hospitals, more medical equipment and more staff will help create more job opportunities
therefore, the development of overall social services can not only improve social work services, ecation, housing and medical facilities and services, better meet the needs of the public, but also bring more employment opportunities
perhaps policy makers will ask: what are the benefits of investing in social services
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