Is it reasonable for the company to pay social security subsidies to employees on a daily basis instead of paying social security?

Your company violated the social insurance law.

The Social Insurance Law stipulates that as long as the employer has a factual labor relationship with the employee, it should pay the old-age insurance for the employee after one month, which has no causal relationship with the labor contract. Of course, not signing a labor contract is also a violation of the labor law.

Paying employees social security subsidies in cash is a serious violation of the social insurance law. The reason why your company does this is to save the company's payment burden, which is very wrong. In the end, employees still suffer.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.