Heilongjiang province pays back the old-age insurance

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Good afternoon. 1. If the insured reaches the statutory retirement age and the payment period is insufficient, he cannot pay the old-age insurance premium in one lump sum.

2. Article 16 of the Social Insurance Law stipulates that individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have accumulated contributions for fifteen years when they reach the statutory retirement age.

3. Article 2 of "Several Provisions on Implementing the Social Insurance Law of People's Republic of China (PRC)" (OrderNo. 13 of Ministry of Human Resources and Social Security) stipulates that when an individual who participates in the basic old-age insurance for employees reaches the statutory retirement age, the accumulated payment is less than fifteen years, and the payment can be extended to fifteen years. After the implementation of the Social Insurance Law, if the payment is extended for five years but still less than fifteen years, it can be paid in one lump sum for fifteen years.

4. Therefore, the endowment insurance cannot be paid in one lump sum. If the insured reaches the statutory retirement age and the payment is less than 15 years, he may apply to the local social security agency for deferred payment in accordance with the above provisions. After the payment reaches 15 years, the retirement formalities will be handled.