Can I withdraw money from my social security card? How come?

Legal analysis: the money in the social security card cannot be taken out. Although the social security card in my hand is a bank card, the social security account and bank account of this card are separate. In other words, the monthly endowment insurance is actually included in the social security account set up by the social security center with the ID number.

This money is generally allocated to pension funds and managed by the government. In other words, the money did not go to the personal bank account at all. Social security cards issued by social security centers are used to receive pensions after retirement. When you retire, the money in the social security card will be transferred to the bank account.

The money in the social security card is still your own, and you have ownership and control over it. Others, including social security agencies, have no right to dispose of the money in social security cards. Therefore, if you have a social security card, please don't believe the rumor that you can cash out the money in the social security card at will. According to the relevant laws and regulations, it is illegal to cash out the money in the social security card, and the social security agency will investigate the legal responsibility after discovering it.

Legal basis: Article 14 of the Social Insurance Law of People's Republic of China (PRC) stipulates that individual accounts shall not be withdrawn in advance, and the bookkeeping interest rate shall not be lower than the bank time deposit interest rate, and interest tax shall be exempted. If an individual dies, the balance of the individual account can be inherited.

Article 15 of the Social Insurance Law of People's Republic of China (PRC) stipulates that the basic pension consists of overall pension and individual account pension.

The basic pension is determined according to factors such as individual cumulative payment years, payment wages, average salary of local employees, personal account amount, average life expectancy of urban population, etc.