At present, the medical and pension security system for employees of Xinai Industrial is divided into two steps, according to Lin Qi's meaning. The first step is for the company to engage in employee benefits, and the second step is for the insurance company to take over the relevant business after the insurance company is established.

During the transition period, Xinai Industrial Group Co., Ltd. set up a special account for the employee welfare fund, which is responsible for registering and entering the information of all employees who have signed contracts with Xinai Industrial Group, mainly age, length of service, on-the-job basic salary and other information.

Employees over the age of 55 can apply for retirement and receive the same retirement salary as the basic salary when they were employed.

Of course, the employees of Xinai Industrial Group generally rely on overtime to increase their wages, for example, front-line workers on the assembly line can get six or seven hundred a month, and more can even get more than 1,000 yuan. If you don't work overtime, you can work about 160 hours a month, and your basic salary is generally about 320 yuan, which is equivalent to about 2 yuan per hour. Overtime will be paid according to the hour, and according to the difficulty and quality of the work, 2~3 times the income will be given. In other words, overtime is generally 4~6 blocks per hour. If you want to get a monthly salary of 1,000 yuan, you need more than 300 hours of work a month. On average, it is equivalent to working more than 10 hours a day for 30 days a month, basically giving up weekends and holidays, and you can get a salary of more than 1,000 yuan. After retirement, the biggest problem is that I can't enjoy overtime pay, and I only have a basic salary of 320 yuan. However, the fact that you can get money regularly without working still makes many people who are old or about to reach retirement age look forward to it.

Medical insurance is even more comprehensive, whether the employee himself is on the job or retired, hospital outpatient, surgery and regular hospital prescription drugs, take more than 90% of the amount of reimbursement. However, some minor symptoms, non-serious illness, will not be reimbursed. This is mainly to avoid being abused by employees, for example, if you have a cold, you will over-treat the medical treatment, which is completely unnecessary. More importantly, medical insurance helps some serious illnesses who need help, and a disease will make ordinary people go bankrupt, and this kind of disease needs help.

At the beginning of the operation of the welfare fund, Xinai Industrial Group would pay a special fund to the welfare fund every month, and inject funds equivalent to a quarter of the employee's salary in the current month into the welfare fund account every month. In fact, instead of deducting money from the wages received by employees, the company took out an additional part, which is equivalent to paying an additional quarter of the subsidy to employees. It's just that this part of the subsidy can only be obtained after retirement or illness.

Within half a month of the operation of the welfare fund, that is, before the Chinese New Year, more than 100,000 employees over the age of 55 successfully applied for retirement. It is expected that after the fund officially distributes the pension in March, the relevant pension treatment can be issued to the retired employees who have been approved.

In addition, more than 10,000 seriously ill employees who were hospitalized also received reimbursement for medical expenses through the employee benefit fund.

At present, because the welfare fund is equivalent to the company's default payment of more people, and less of the welfare, there will be a surplus. Even, the health of income and expenditure is much healthier than that of social security in later generations.

But this is only the beginning, and more and more employees will retire in the future. Sooner or later, the portion of the contribution paid by the employee who is still in service will not cover the pension received by the retired employee. Therefore, as the operation of the welfare fund stabilizes, it is still necessary to make a certain investment to maintain and increase its value. Otherwise, sooner or later a deficit will form.

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The employee benefit fund is the first step of the transition, and the second step is to set up a special insurance company to take over the relevant business.

Lin Qi is actually ready for it.

After the operation of the welfare fund, it began to apply for the report of "Xinqi Insurance Co., Ltd." in the future of Xinqi and submitted it to the local government of the Shenzhen Special Administrative Region, after which the Shenzhen Special Economic Zone did not have the right to approve, so it was submitted to the State Council.

"This Lin Qi will do things all day long! Isn't it good for the company to issue employee benefits? Why do you have to toss and set up an insurance company?" said a chief, holding his forehead.

"Chief, do you approve or not?"

But for the time being, it can only do its own business of the new venture group, and it is not allowed for the time being, and this company will carry out business to the whole society. The current social security system can also refer to the experience of new entrepreneurship. With more than 2 million workers, if we are to be fully responsible for the future pension and medical care, the burden on the enterprise should be very heavy, and we need to see how Lin Qi is doing! If it is relatively successful, some successful experiences are worth learning from. "The big leader first did not want to strangle this insurance company, but to limit its business scope, and then regarded it as a model for learning and imitation, and crossed the river by touching Lin Qi's experience.

Although it may only be able to learn a little, many domestic enterprises and industrial layouts have learned a lot of valuable experience from Lin Qi in recent years.

So far, the big guy above is still quite curious, what kind of fame can Lin Qi make in the follow-up with this insurance! If it can really succeed and the experience can be popularized, then the significance is even no less than the contributions made by Lin Qi in the science and technology and cultural industries.

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Xinqi Future Holdings Co., Ltd.'s preparation of "Xinqi Insurance Co., Ltd." was quickly approved by the State Council, allowing Xinqi Insurance Co., Ltd. to be incorporated, but within 10 years after its establishment, the business scope of Xinqi Insurance was limited to the pension and medical insurance business for the enterprises under the new entrepreneurial department. As for whether the scope of business can be expanded in 10 years, it will be discussed until 10 years later.

In other words, this is a restricted insurance license and does not count as a real insurance company's license.

Although the business scope of Xinqi Insurance Company is limited, Lin Qi does not care. Even if Xinqi Insurance Company will only provide medical and pension insurance services to employees of the new entrepreneurship department in the future, it has achieved that the fertilizer does not flow into the fields of outsiders. A large amount of premium floating funds are deposited in the accounts of Xinqi insurance companies, and insurance companies can invest their profits.

The source of profit growth of insurance companies is the rate of premium growth and the level of investment income. In 1980, the income of the entire domestic insurance company was only 400 million premiums, and by 1999, it had exceeded 130 billion yuan. By 2017, the annual premium income had grown to 3.65 trillion yuan.

With a steady stream of premium income and China's rapid economic development, insurance companies can reap huge profit growth by investing in anything. Therefore, in terms of the profit growth rate of insurance companies alone, China's insurance industry is undoubtedly the fastest in the world.

However, there are also some insurance companies that do not have a very high level of premium income, but they rely on the floating premium to make long-term investments, and obtain huge returns through investment capabilities, and even the market value has grown to the level of the world's largest financial company. Berkshire's insurance company's business is actually equivalent to that of many insurance giants, but it is precisely for the huge and insignificant premium income, but for a team that is relatively talented in investment, it has snowballed over the years and obtained a shocking return.

The goal of the new chess insurance company prepared by Lin Qi is to be on par with Warren Buffett's Berkshire.

The insurance business brings floating income, and after that, it relies on investment to obtain profits, not to break even, but also to accumulate more profit surplus through investment.

As for how to achieve a surplus, Lin Qi actually has countless investment directions, the simplest is to invest in real estate in first- and second-tier cities in China with his eyes closed. In the 90s, the price of real estate, compared to later, was cheap. At present, it is not too difficult to allocate funds to the real estate field and obtain twenty or thirty times the value-added return.

Just a real estate business can actually make insurance companies make a steady profit. Not to mention, the opportunities provided by the future domestic economic development are unlimited.

Therefore, after the preparation of the new chess insurance company, Lin Qi is more confident than anyone else that he can do a good job. Even if the future real estate prices are not as high as they have historically risen, as long as China implements a market economy and as long as China's economic trend continues to develop, then real estate in first-tier cities should not be as cheap as it is now.

Later generations lamented that real estate was too expensive, but ...... Reform and opening up until the end of the 90s, in fact, the price of real estate in China was seriously undervalued. Basically, in the 90s, real estate prices could earn back a house after five years of rent. This is not mainly to indicate that there is a rent bubble, but that the property price is too low. Later, real estate prices rose far faster than rents, and the rent of 50 or even 100 years in many areas can be compared with real estate valuations, which proves that real estate is too detached from fundamentals and irrational.

The international real estate price is more reasonable, it should be about 10~30 times the rent, take the median value, the house price is equivalent to 20 times the rent, it should be a more reasonable valuation, if the deviation is too large, it is crazy.

Measured by the relationship between housing prices and rents in the 90s, even if housing prices do not rise, 4~5 years of rent will earn back a suite, as a rental asset, it must be a more cost-effective long-term investment.

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