What does it mean to pay for old-age insurance?

Legal analysis: social security payment salary is the payment base we use when paying social security fees. Multiply the payment base by the payment rate to get the amount of money to be paid by the unit and the employees respectively. It can be seen that employers can pay less social security fees and save expenses by underreporting and concealing employees' wages, but employees' social security benefits in the future can be reduced accordingly.

Legal basis: People's Republic of China (PRC) Social Insurance Law? Tenth employees should participate in the basic old-age insurance, and employers and employees should 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.