What does Social Security 60 mean?

60% grade: that is, 60% of the local average social wage in the previous year is used as the payment base. Suitable for low-income people, and the social security payment burden is relatively light.

60% social security is the lowest level of endowment insurance paid by enterprises for employees. 60% of social security is 60% of the average social wage of the previous year announced by the provinces every year. When a company pays endowment insurance for employees, its base cannot be less than 60% of social security.