Is industrial injury and endowment insurance the same thing?

No, industrial injury compensation has nothing to do with old-age insurance. Industrial injury insurance is a social security system. Social security includes endowment insurance, medical insurance, industrial injury insurance, etc. Work-related injury insurance is paid by the employer, and employees can get material help from the state and society in case of work-related injuries according to law, which is a guarantee for workers with work-related injuries.

What's the difference between industrial injury insurance and endowment insurance?

1. Different coverage: Work-related injury insurance is mainly to ensure that workers can get timely treatment and a certain degree of economic compensation after work-related accidents, while endowment insurance is to ensure the basic life of workers after retirement.

2. Different purposes: The purpose of industrial injury insurance is to spread the risk of industrial injury, to ensure that employees who suffer from accidents or occupational diseases at work get medical treatment and economic compensation, and to promote industrial injury prevention and vocational rehabilitation, while the purpose of endowment insurance is to protect the basic needs of the elderly.

3. Different treatment: the treatment of work-related injury insurance includes medical expenses, rehabilitation expenses, hospital food subsidies and work-related injury allowances of corresponding grades, while the treatment of old-age insurance is pension, which is used to guarantee the basic life after retirement.

From the above, industrial injury and endowment insurance are not the same thing, they are two independent social insurances.

Legal basis:

Regulations on industrial injury insurance

Article 10

The employer shall pay the work-related injury insurance premium on time. Individual employees do not pay work-related injury insurance premiums.

The amount of work-related injury insurance premium paid by the employer is the product of the total wages of employees multiplied by the unit payment rate.

For industries that have difficulties in paying work-related injury insurance premiums according to the total wages, the specific payment methods of work-related injury insurance premiums shall be stipulated by the administrative department of social insurance of the State Council.

People's Republic of China (PRC) social insurance law

Article 33

Employees shall participate in work-related injury insurance, and the employer shall pay the work-related injury insurance premium, and the employees shall not pay the work-related injury insurance premium.

Article 35

The employer shall pay the work-related injury insurance premium according to the total wages of its employees and the rate determined by the social insurance agency.