What is social insurance fund management?

Article 64 Social insurance funds include basic old-age insurance funds, basic medical insurance funds, industrial injury insurance funds, unemployment insurance funds and maternity insurance funds. All social insurance funds shall be accounted for according to the types of social insurance, and a unified national accounting system shall be implemented.

The social insurance fund is earmarked for special purposes, and no organization or individual may occupy or misappropriate it.

The basic old-age insurance fund will gradually implement national overall planning, and other social insurance funds will gradually implement provincial overall planning. The specific time and steps shall be stipulated by the State Council.

Article 65 Social insurance funds shall achieve balance of payments through budgets.

When the social insurance fund is insufficient to pay, the people's governments at or above the county level shall give subsidies.

Article 66 The social insurance fund shall establish its budget according to the overall level. The budget of the social insurance fund shall be compiled separately according to the social insurance items.

Article 67 The preparation and examination and approval of the draft budget and final accounts of the social insurance fund shall be carried out in accordance with the law and the provisions of the State Council.

Article 68 Social insurance funds shall be deposited in special financial accounts, and specific management measures shall be formulated by the State Council.

Article 69 Social insurance funds shall be invested and operated in accordance with the regulations of the State Council under the premise of ensuring safety, so as to maintain and increase the value.

Social insurance funds shall not be used for illegal investment and operation, for balancing other government budgets, for building or rebuilding office buildings, and for paying personnel expenses, operating expenses and management expenses, or for other purposes that violate laws and administrative regulations.

Seventieth social insurance agencies shall regularly announce to the public the participation in social insurance and the income and expenditure, balance and income of social insurance funds.

Article 71 The state establishes a national social security fund, which consists of funds allocated by the central government and raised by other means approved by the State Council, and is used to supplement and regulate social security expenditure. The national social security fund is managed and operated by the national social security fund management and operation organization, and the value is maintained and increased on the premise of ensuring safety.

The national social security fund shall regularly announce the income and expenditure, management and investment operation to the public. The financial department, social insurance administrative department and auditing organ of the State Council supervise the revenue and expenditure, management and investment operation of the national social security fund.