What is the use of the endowment insurance paid by the unit?

Legal analysis: The endowment insurance jointly paid by the unit and employees is mainly used for the old-age security of employees after retirement. Employees who reach the statutory retirement age after 0/5 years of accumulated contributions/kloc can receive a monthly pension. In case of death due to illness or non-duty, survivors can also receive funeral grants and pensions.

Legal basis: People's Republic of China (PRC) Social Insurance Law.

Tenth employees should participate in the basic old-age insurance, the basic old-age insurance premiums paid by the employer and employees.

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. The measures for the endowment insurance of civil servants and staff managed by reference to the Civil Service Law shall be formulated by the State Council.

Sixteenth individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis when they reach the statutory retirement age and have paid for fifteen years.

Individuals who participate in the basic old-age insurance and pay less than fifteen years when they reach the statutory retirement age can pay for fifteen years and receive the basic pension on a monthly basis; Can also be transferred to the new rural social endowment insurance or urban residents' social endowment insurance, enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council.

Seventeenth individuals who participate in the basic old-age insurance, due to illness or non-work-related death, their survivors can receive funeral grants and pensions; Persons who have completely lost their ability to work due to illness or non-work-related disability before reaching the statutory retirement age can receive disability allowance. The required funds are paid from the basic old-age insurance fund.