What does social security 10% mean?

Social security 10% usually refers to the social insurance premium paid by individuals. According to People's Republic of China (PRC) Social Insurance Law, individuals should pay four social insurance premiums: endowment insurance, medical insurance, unemployment insurance and maternity insurance. Social insurance rates are as follows:

-Old-age insurance premium: the proportion of individual contributions is calculated at 8% of the payable amount;

-Medical insurance premium: the proportion of individual contributions is calculated as 2% of the payable amount (of which 1% is withheld and remitted by the enterprise);

Unemployment insurance premium: the proportion of individual contributions is calculated at 0.5% of the payable amount;

Maternity insurance premium: the proportion of individual contributions is calculated at 0.8% of the payable amount.

Therefore, the individual contribution ratio of the four social insurance premiums is: 8%+2%+0.5%+0.8% =11.3%.

However, at present, the pension insurance rate in most provinces and regions has not been implemented to the original 8%, and it is still 6% under the current payment policy. Therefore, social security 10% is most often interpreted as that individuals pay social security fees every month, which is 1 1.3%, and a few people interpret it as that individuals pay 2% more social insurance premiums when the pension insurance contribution rate is 8%.