How is the endowment insurance issued?

How is the endowment insurance issued?

Socialized distribution.

Article 16 of the Social Insurance Law

Individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have paid a total of fifteen years when they reach the statutory retirement age. Individuals who participate in the basic old-age insurance and pay less than fifteen years when they reach the statutory retirement age can pay for fifteen years and receive the basic pension on a monthly basis; Can also be transferred to the new rural social endowment insurance or urban residents' social endowment insurance, enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council.

How to get it?

1. To receive old-age insurance, the insured person needs to pay for more than 15 years continuously, and can only apply for social pension after reaching the legal retirement age.

2. After meeting the conditions for receiving social endowment insurance, the social security undertaking unit shall pay it in full monthly according to the local minimum social wage standard.

3. The amount of social pension is determined according to individual cumulative payment years, payment wages, average wages of local employees, personal account amount, etc. The longer the payment period, the higher the payment base, and the more pension insurance money you will receive after you reach the statutory retirement age.