In our country, pension insurance is a multi-layer system composed of national basic pension insurance, enterprise complementary pension insurance and individual saving pension insurance. National basic pension insurance implements the system combined with social unified planning and individual account, establishing basal pension insurance funds by the partially accumulating system in order to guarantee the laborer’essential life.
After China's reform of the pension insurance system, the social basic pension insurance that is the first support of the multi-layer pension system has achieved stabilization, and as the second support, the occupational pension has just come into being.
An Important Measure Benefiting the People's Livelihood ——the Understanding and Practice of the Full-scale Implementation of Rural Basic Old-age Insurance in Kunshan
In Australia, the pay-as-you go financed age pension is means-tested and thereby provides a contrast with those countries where part or all of a basic pension is paid to all aged persons.