Is the endowment insurance for urban and rural residents social security?

Endowment insurance for urban and rural residents is a social insurance system, which aims to provide old-age security for urban and rural residents. Different from employee pension insurance, urban and rural residents' pension insurance is set up for urban and rural residents who have no fixed jobs and cannot participate in employee pension insurance.

The endowment insurance for urban and rural residents is jointly funded by the state and local governments and managed by local governments. The insured objects of urban and rural residents' endowment insurance include rural residents, urban residents, laid-off workers and retired soldiers. The insured person pays a certain insurance premium every year and enjoys welfare benefits such as pension and medical security.