What does the balance of my social security personal account mean?

Balance of funds accumulated by individuals in social security accounts.

The balance of social security personal account refers to the part of the social insurance premium paid by the insured according to the social security policy that is included in the personal account. These funds are mainly used to pay social insurance benefits such as personal pension and medical care. When paying social insurance premiums, individuals and units respectively pay a certain proportion of fees, and the part paid by individuals will be transferred to personal accounts in whole or in part, forming a personal account balance.

With the increase of individual payment period and the increase of payment base, the balance of individual account will also increase accordingly. When reaching the statutory retirement age or meeting other relevant conditions, individuals can receive funds from their personal account balance to pay personal social insurance benefits according to law.