What does the amount of social security contributions mean

Social insurance (SocialInsurance) is a social and economic system that provides income or compensation to a population that is incapacitated, temporarily out of work, or has suffered a loss due to health reasons. The social insurance scheme is organized by the government, which forces a certain group of people to pay a part of their income as social insurance tax (fee) to form a social insurance fund, from which the insured people can receive a fixed income or compensation for their losses if certain conditions are met; it is a kind of redistributive system, whose goal is to ensure the reproduction of material and labor force as well as the stability of the society. The main items of social insurance include old-age social insurance, medical social insurance, unemployment insurance, work injury insurance, maternity insurance and so on. Social security contributions are calculated as follows: 1. Contribution amount = contribution base * contribution ratio. 2. The social security contribution ratio is generally as follows: pension insurance: 20% for the unit and 8% for the individual; medical insurance: 8% for the unit and 2% for the individual; and unemployment insurance: 2% for the unit and 1% for the individual. Workers' compensation insurance and maternity insurance is entirely borne by the enterprise, each in about 1%, individuals do not need to pay. 3, the contribution base according to the level of personal wages (in the local average social wage of 300% -60% range) to determine, shall not be lower than the minimum contribution standard. If the contribution base 2000, then pension, personal out 2000 * 8% = 160, unit out 2000 * 20% = 400, other according to some calculations.

"The Chinese people*** and the State Insurance Law" Article 55 of the policyholder and the insurer agreed on the insurance value of the subject matter of the insurance and set forth in the contract, the subject matter of the loss of the insurance, the agreed insurance value of the compensation calculation standard. If the policyholder and the insurer have not agreed on the insurance value of the subject matter of the insurance, the actual value of the subject matter of the insurance at the time of the occurrence of the insurance accident shall be used as the standard for calculation of compensation in the event of loss of the subject matter of the insurance. The insurance amount shall not exceed the insurance value. If it exceeds the insured value, the exceeding part is invalid, and the insurer shall refund the corresponding insurance premium. The insurance amount is less than the insurance value, unless otherwise agreed in the contract, the insurer in accordance with the ratio of the insurance amount and the insurance value of the liability for compensation.