Is social security a pension?

Legal analysis: No, retirement pension: according to the provisions of the social insurance system, the state pays monthly or lump-sum insurance benefits in the form of money after the workers are old or lose their ability to work, according to their contributions to society and their qualifications for enjoying old-age insurance or retirement conditions, which is mainly used to protect the basic needs of employees after retirement. Old-age insurance: the full name of social basic old-age 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.

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

Eleventh basic old-age insurance to implement the combination of social pooling and individual accounts. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.

Article 12 The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of employees stipulated by the state and record it in the basic old-age insurance pooling fund. Employees shall pay the basic old-age insurance premium in accordance with the proportion of wages stipulated by the state and record it in their personal accounts. Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employing unit and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premiums in accordance with state regulations and record them in the basic old-age insurance pooling fund and individual accounts respectively.

Thirteenth employees of state-owned enterprises and institutions to participate in the basic old-age insurance, the basic old-age insurance premium should be paid by the government during the payment period. When the basic old-age insurance fund is insufficient to pay, the government gives subsidies.