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Is it necessary to have social security for seniority?
Legal basis: People's Republic of China (PRC) Social Insurance Law.
Thirteenth employees of state-owned enterprises and institutions to participate in the basic old-age insurance, the basic old-age insurance premium should be paid by the government during the payment period.
When the basic old-age insurance fund is insufficient to pay, the government gives subsidies.
Sixteenth individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have paid for fifteen years at 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.
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