What is social security?

Social security, that is, "social insurance", is an insurance system led by the government, and it is a social and economic system that provides income or compensation for people who have lost their ability to work, are temporarily unemployed or suffer losses due to health reasons.

The main targets of social security services are urban residents and workers. The five insurances and one gold promised in the welfare benefits of social security companies are endowment insurance, medical insurance, unemployment, work injury and maternity insurance. In social security, endowment insurance accounts for the largest proportion, accounting for about 60% of the payment expenditure, followed by medical insurance, accounting for 35% of the insurance expenditure. As long as employees are on the job, the company and employees themselves must pay social insurance according to law. Usually, the company pays most of the social insurance premiums, and the individual bears a small part of the expenses.