What is the use of social security paid by the factory?

The role of social security is as follows:

1, old-age insurance: after reaching retirement age, you can receive a monthly pension;

2. Medical insurance: it will take effect after three months, and those who are hospitalized can be reimbursed;

3. Maternity insurance: After the unit pays one year, the child can basically be reimbursed;

4. Unemployment insurance: if you have paid for more than one year and can't find a job temporarily, you can receive some unemployment benefits;

5. Work-related injury insurance: In case of work-related injury, the treatment expenses shall be paid by the work-related injury fund. Social security is to calculate the cumulative number of years, and it can be interrupted halfway. If you resign, you can turn social security into personal payment and pay it as a flexible employee. Or wait for a new unit and let the new unit continue to pay wages.

Legal basis: Article 10 of the Social Insurance Law of People's Republic of China (PRC).

Employees shall participate in the basic old-age insurance, and the employer and employees shall jointly pay the basic old-age insurance premium.

Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employer and other flexible employees can participate in the basic old-age insurance, and individuals pay the basic old-age insurance premium.

The measures for the endowment insurance of civil servants and staff managed by reference to the Civil Service Law shall be formulated by the State Council.

Article 11

The basic old-age insurance combines social pooling with individual accounts.

The basic old-age insurance fund consists of employers, individual contributions and government subsidies.

Article 12

The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of its employees stipulated by the state, and record it in the basic old-age insurance pooling fund.

Employees shall pay the basic old-age insurance premium in accordance with the proportion of wages stipulated by the state and record it in their personal accounts.

Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employing unit and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premiums in accordance with state regulations and record them in the basic old-age insurance pooling fund and individual accounts respectively.