What does the tripartite agreement on social security mean?

Agreements between enterprises, social security institutions and banks. Tripartite agreement on social security refers to standardizing the payment and settlement process of social security fees between enterprises and social security institutions through tripartite agreement. By signing a tripartite agreement on social security, enterprises can entrust banks to pay social security fees on their behalf and transmit information to social security institutions to realize automatic deduction and settlement of social security fees. This way can reduce the burden on enterprises, improve the efficiency and accuracy of social security payment, and also protect the social security rights and interests of employees.