我國勞工退休基金管理運用之研究—以新加坡公積金為借鏡

A Study of the Labor Pension Fund Management in Taiwan - Lessons from Singapore’s Central Provident Fund

陳佳韻(Chia-yun Chen)

指導教授 ： 羅竹平

國立臺灣大學/生物資源暨農學院/農業經濟學研究所/碩士(2017年)

https://doi.org/10.6342/NTU201701128

摘要

退休基金之營運與風險管理為支應勞工退休後生活的主要關鍵，台灣勞保局的基金規模小且面臨破產的危機，影響到勞工退休後的經濟生活安全。新加坡的中央公積金規模為全球排名第8，是個結構複雜且多元的社會保險制度，同時提供了許多國家進行年金改革上的思路與參考價值。
本研究探討台灣與新加坡的退休基金制度與營運狀況，比較兩國基金資產配置與營運績效的差異。發現兩個國家政府理念不同會影響基金營運方式與規模大小，資產配置方面新加坡的投資標的相對較國際化，投資績效也比台灣來得好。由於台灣正實施年金改革，年金的供需失衡與財政赤字是互相影響的，本研究針對財政收入與支出方面進行預估，探討四個改善財政狀況的方法。
研究發現擴大基金規模為一大關鍵，假設台灣提撥金額的投資績效依公積金的加權平均報酬率估算，能將餅做大；又財政主要歲收來源為所得稅，政府給予企業之營所稅優惠導致法人負擔率低，假設依新加坡所得稅結構比例估算台灣的營所稅，可將金額補足於基金資產。另一部分為財政支出方面，發現政府為提振國家經濟大量投資公共建設，卻花費大筆經費在建造閒置公共建設，又醫療費用隨老年人口的增加，社會福利支出逐年增加，這都是財政上需有效管控的開銷。因此，本研究建議政府應開源節流且加強基金管理監督與財稅稽徵能力，以達到年金長期永續發展。

關鍵字

退休基金 ； 中央公積金 ； 基金資產 ； 財政赤字 ； 資產管理

並列摘要

One main key to a labor’s retirement life is the operation and risk management of the retirement fund. The Taiwan Labor Insurance Agency equipped only with a small scale of pension fund is on the verge of bankruptcy, which may adversely affect the labor’s life security. In Singapore, the size of its central provident fund is ranked No. 8 in the world, which is a comprehensive and diversified social insurance system, providing essential ideas and valuable reference for other countries which seeks to reform its own system.
This paper explores the system and operating conditions of retirement funds in both Taiwan and Singapore. It also compares the differences in asset allocation and operating performance between the two countries. In addition, they have different concepts on policies which affect the fund operation and its scale. The asset allocation of Singapore's investment target is relatively more international and its investment performance is better than Taiwan. Due to the implementation of annuity reform in Taiwan, the supply and demand imbalance of the annuity is interdependent with the fiscal deficit. This study recommends four avenues to improve the current financial status with respect to the fiscal revenue and expenditure.
Hence, the study found that expansion of fund size is a key factor. To grow the pie bigger, we recommend Taiwan’s payment of funds be made in accordance with the weighted average rate of return of central provident fund. The revenue generated by the Taiwanese government is mainly through income tax. The result of this was due to concessions made towards enterprises by the government resulting in low tax collection received in this aspect. In view of the above, we recommend that the Taiwan's business tax be implemented in accordance to the proportion of income tax structure identical to that of Singapore which can be applied to the fund assets. In terms of the financial expenditure, we found that the government spends a huge amount of resources on idle public construction while boosting the economy by investing heavily in public construction. In addition, as the population ages, health care and social welfare costs increase annually. Therefore, this paper suggests that the government should strengthen its fund management and tax collection to achieve long-term sustainable development of the country’s annuity.

並列關鍵字

Retirement fund ； Central provident fund ； Fund asset ； Fiscal deficit ； Asset management

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