Do you need to pay for old-age insurance?

Whether it is necessary to pay endowment insurance is as follows:

1. Endowment insurance is not compulsory, but voluntary. However, if the employee signs a labor contract with the employer and starts to work, the employer must pay five insurances and one gold for the employee. Five insurances and one gold include endowment insurance. Part-time employees and other flexible employees who have not participated in the basic old-age insurance in the employer can participate in the basic old-age insurance and pay the basic old-age insurance premium;

2 urban workers' pension insurance and medical insurance must be paid together. The basic endowment insurance for employees is a kind of social insurance. Social insurance refers to a kind of social security that the state raises funds through various channels through legislation, and gives economic compensation to workers when their income decreases due to old age, unemployment, illness, work injury and maternity, so that they can enjoy basic living security;

It is very reliable to buy commercial endowment insurance, whether legally or personally. When insuring commercial endowment insurance, the time, amount and method of insurance products are clearly written into the insurance contract. The collection of insurance money is not uncertain, but the insured knows in advance, so that the insured will not suffer economic losses, and the insurance products are safe and stable, and the insurance is very reliable.

To sum up, the endowment insurance is based on equality and mutual benefit, and is signed voluntarily by both parties. According to the risks faced, the insured can voluntarily choose the types of insurance, agree on the amount of insurance, and decide the standard and level of protection. Insurance companies have no right to force people to take out 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.