What is social endowment insurance?

Social endowment insurance is a social insurance system established by the state and society according to certain laws and regulations to solve the basic life of workers who reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age.

The purpose of endowment insurance is to protect the basic needs of the elderly and provide them with a stable and reliable source of life.

The process of paying social security is as follows;

1, a written application issued by the unit, stating the facts and reasons for the payment, and applying to the social insurance agency;

2. Prepare relevant original materials, such as employees' personal files or contracts, employment approval forms, or valid proof of the existence of factual labor relations;

3. Bring the official seal and fill in the supplementary application form at the local social security bureau.

The difference between social security and five insurances and one gold is as follows:

1, the concept is different: social security is the abbreviation of social insurance, which refers to five kinds of insurance: endowment insurance, medical insurance, maternity insurance, unemployment insurance and industrial injury insurance. Five insurances and one gold refer to endowment insurance, medical insurance, maternity insurance, unemployment insurance, industrial injury insurance and housing accumulation fund;

2. Different scope: Social insurance only includes five types of insurance, such as endowment insurance, but five insurances and one gold also include housing accumulation fund. That is, five insurances and one gold include social security;

3. Different payment systems: social security only refers to endowment insurance, and individuals can pay separately. Five insurances and one fund refer to endowment insurance, medical insurance, unemployment insurance, industrial injury insurance, family planning insurance (only for female employees) and housing accumulation fund, which can only be paid by the unit, especially industrial injury insurance. Family planning insurance is paid by the unit, and individuals do not pay.

To sum up, after employees establish stable labor relations with employers, there will be five insurances and one gold. If you are a freelancer, you can only pay pension insurance and medical insurance.

Legal basis:

Article 10 of People's Republic of China (PRC) Social Insurance Law

Employees shall participate in the basic old-age insurance, and the employer and employees shall jointly pay the basic old-age insurance premium.

Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employer and other flexible employees can participate in the basic old-age insurance, and individuals pay the basic old-age insurance premium.