Why should social security pay interest?

In order to urge the parties to pay the insurance premium on time. If the payer fails to pay and withhold social insurance premiums in accordance with the regulations, the administrative department of labor insurance or the tax authorities shall order it to pay within a time limit; Fails to pay, in addition to repay the amount owed, from the date of default, an additional 2/1000 of the daily fines. Late payment fees are incorporated into social insurance funds.

Legal objectivity:

Article 13 of the Provisional Regulations on the Collection and Payment of Social Insurance Fees, if the payer fails to pay and withhold social insurance fees in accordance with the provisions, the administrative department of labor insurance or the tax authorities shall order it to pay within a time limit; Fails to pay, in addition to repay the amount owed, from the date of default, an additional 2/1000 of the daily fines. Late payment fees are incorporated into social insurance funds.