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Article 1. In order to establish the multi-layer old-age insurance system, to guarantee that the retirees of enterprises may live a better life, and to perfect the social security structure, the present Measures are formulated in accordance with the Labor Law and the relevant regulations of the State Council. Article 2. The term "enterprise annuities" mentioned in the present Measures refers to the supplementary old-age insurance system voluntarily established by enterprises and their employees after they have bought basic old-age insurance. The enterprise annuities shall be established in accordance with the provisions of the present Measures. Article 3. An enterprise that meets the following requirements may establish enterprise annuities: (1) It has bought the basic old-age insurance in accordance with the law; (2) It has the corresponding economic capacity; and (3) It has established a collective negotiation mechanism. Article 4. The establishment of enterprise annuities shall be jointly determined by the enterprise and the labor union or the representatives of the employees, and the enterprise annuities plan shall also be formulated by them. The draft plan shall be submitted to the assembly of the employees or the assembly of the representatives of the employees for discussion and adoption. Article 5. The enterprise annuities plan shall include the following: (1) The scope of the persons to buy the insurance; (2) The fund raising ways; (3) The individual account management method for the enterprise annuities; (4) The fund management method; (5) The calculation approach and the way of payment; (6) The conditions for the treatment of enterprise annuities; (7) Organizational management and supervisory methods; (8) Conditions for suspension of payment; and (9) Other matters stipulated by both parties. The enterprise annuities plan shall be applicable to the persons after probation. Article 6. The enterprise annuities plan shall be submitted to the administrative department of labor and social security of the local people's government at or above the county level. The enterprise annuities plan of a large-scale enterprise belonging to the Central Government shall be submitted to the Ministry of Labor and Social Security. Where the administrative department of labor and social security fails to raise any objection within 15 days from the day when it receives the text of the enterprise annuities plan, the enterprise annuities plan takes effect immediately. Article 7. The expenses necessary for enterprise annuities shall be jointly paid by the enterprise and the employees. The part of expenses to-be-paid by the enterprise shall be in line with the relevant regulations of the state. The part of expenses to-be-paid by the employees may be withheld from their wages by the enterprise. Article 8. The expenses paid by the enterprise shall not exceed one twelfth of the total amount of wages of the employees of the enterprise in the previous year. The sum of the expenses paid by the enterprise and those paid by the employees shall not exceed one sixth of the total amount of wages of the employees of the enterprise in the previous year. Article 9. The enterprise annuities fund shall be composed of the following items: (1) The expenses paid by the enterprise; (2) The expenses paid by the employees; and (3) The yields from investments and operations of the enterprise annuities fund. Article 10. The enterprise annuities fund shall be in the form of complete accumulation and be managed by means of individual accounts. The enterprise annuities fund may be used as investments and be operated in accordance with the regulations of the state. Article 11. The expenses to-be-paid by the enterprise shall be calculated according to the rate specified in the enterprise annuities plan and be deposited into the employees' enterprise annuities individual accounts; the expense to-be-paid by an employee shall be calculated and be deposited into the individual account of this person. The yields from the investments and operations of enterprise annual fund shall be deposited into the individual accounts of enterprise annuities according to the rate of net yields. Article 12. When an employee reaches the retirement age prescribed by the state, he (she) may draw the enterprise annuities from his (her) individual enterprise annuities account in a lump sum or regularly. No employee under the retirement age prescribed by the state may draw the said fund out of his (her) account ahead of time. The emigrant may withdraw the entire fund in his individual enterprise annuities account at once according to his will. Article 13. When an employee changes his (her) working entity, the fund in his individual enterprise annuities account may be transferred accordingly. Article 14. After the death of an employee or retiree, the balance of his (her) individual enterprise annuities account shall be drawn out in a lump sum by the beneficiary or legal heir designated by him (her). Article 15. An enterprise that has established enterprise annuities shall determine the trustee of the enterprise annuities (hereinafter referred to the trustee) for the management of the enterprise annuities. The trustee may be the enterprise annuities council established by the enterprise or a legal person as a trust institution meeting the relevant requirements of the state. Article 16. The enterprise annuities council shall be composed of the enterprise and the representatives of employees as well as professional personnel hired outside the enterprise. The representatives of employees shall not be less than 1/3 of the total number of the members. Article 17. Except managing the matters related to the enterprise annuities, the enterprise annuities council shall not engage in any other business operations. Article 18. A written contract shall be concluded on the determination of the trustee. In this contract, one party shall be the enterprise and the other shall be the trustee. Article 19. The trustee may entrust a qualified enterprise annuities account management institution to act as the account manager, who shall be responsible for the management of the enterprise annuities. It may entrust a qualified investment operating institution as the investment manager, who shall be responsible for the investments and operations of the enterprise annuities fund. The trustee may choose a qualified commercial bank or professional trust institution to act as the administrator, which shall be responsible for the investments and operations of the enterprise annuities. When determining the relationship between the trustee and the account manager or investment manager or administrator, a written contract shall be concluded. Article 20. The enterprise' annuities fund shall be managed separately from the self-owned assets and other assets of the trustee, account manager, investment manager and administrator, and shall not be used for any other purpose. The enterprise annuities fund shall be managed in accordance with the relevant regulations of the state. Article 21. The administrative departments of labor and social security of the people's governments at or above the county level shall be responsible for the supervision and inspection of the implementation of the present Measures. Any one violates the present Measures shall be given a warning by the administrative department of labor and social security and shall be ordered to get right. Article 22. Where any dispute arises due to performing the enterprise annuities contract, the parties concerned may apply for arbitration or lodge a lawsuit. Any dispute that arises due to making or executing the enterprise annual plan shall be settled in accordance with the regulations of the state on settling disputes over collective contracts. Article 23. Other entities that have bought uniform enterprise basic old-age insurance may establish enterprise annuities by reference to the present Measures. Article 24. The present Measures shall be implemented as of May 1, 2004. The Notice on Printing and Distributing the Opinions Regarding the Establishment of Supplementary Old-age Insurance System issued by the former Ministry of Labor on December 29, 1995 shall be abolished simultaneously. |
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