The difference between social security and endowment insurance

Legal analysis: the concepts of social security and endowment insurance are different: endowment insurance is a kind of social insurance established by people who lose their ability to work and quit their jobs because of old age; Social security is the abbreviation of social insurance, including pension, medical care, maternity, unemployment and work injury. The contents of social security and endowment insurance are different: although social security includes endowment insurance, it is not limited to endowment insurance, but also includes four other types of insurance; Endowment insurance only provides a guarantee for the elderly. The purpose of purchasing social security and endowment insurance is different: the main purpose of endowment insurance is to ensure the basic life after old age; The purchase of social security can not only guarantee the basic life after old age, but also include medical insurance, unemployment insurance, work injury insurance and maternity insurance.

Legal basis: People's Republic of China (PRC) Social Insurance Law.

Article 2 The state establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance, so as to guarantee citizens' right to receive material assistance from the state and society in accordance with the law in case of old age, illness, industrial injury, unemployment and maternity.

Sixteenth individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have accumulated contributions for 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.

Fifteenth 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.