What is the social insurance system?

The social insurance system is an institutional arrangement that is enforced by the government through legislation and jointly established by individuals, enterprises and the government, aiming at providing a certain degree of economic and social security for the insured.

The main contents of the social insurance system include the following aspects:

1. Old-age insurance: Old-age insurance is to protect the basic needs of the elderly, and provide the insured with old-age pension by paying the insurance premiums jointly by individuals and enterprises.

2. Medical insurance: Medical insurance is to ensure the insured's demand for medical treatment due to illness, and provide the insured with medical expenses reimbursement, hospitalization subsidies and other guarantees by means of joint payment of insurance premiums by individuals and enterprises.

3. Unemployment insurance: Unemployment insurance is to protect the basic needs of the unemployed, and to provide unemployment relief, vocational training and other services for eligible unemployed people by means of joint payment of insurance premiums by individuals and enterprises.

4. Work-related injury insurance: Work-related injury insurance is to protect the needs of employees due to work-related injuries or occupational diseases, and provide medical expenses reimbursement, disability subsidies and other guarantees for eligible employees through the payment of insurance premiums by enterprises.

5. Maternity insurance: Maternity insurance is to protect the basic needs of female employees during their maternity period, and provide maternity allowance and reimbursement of maternity medical expenses for eligible female employees by paying insurance premiums by enterprises.

The implementation of social insurance system is helpful to reduce the economic and social risks caused by old age, illness, unemployment, work injury and maternity, improve people's social security level and promote social stability and development.