The difference between personal pension and social security

Social security and endowment insurance are different, mainly including relationships. Social security and endowment insurance mainly have the following differences: First, the concepts are different. Endowment insurance refers to a kind of social insurance established by the state and society according to laws and regulations to solve the basic livelihood of workers after they reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age. Social security is the abbreviation of social insurance, which refers to five kinds of insurance: endowment insurance, medical insurance, maternity insurance, unemployment insurance and industrial injury insurance. Second, the content is different. Social insurance includes endowment insurance, but it is not limited to endowment insurance, which is only one of the five types of social insurance. Third, the coverage and purpose are different. The main purpose of endowment insurance is to ensure the basic life after old age. Buying social security can not only guarantee the basic life after old age, but also guarantee the basic medical service and the basic life during unemployment and work-related injuries.

Legal basis:

People's Republic of China (PRC) social insurance law

Article 1 This Law is formulated in accordance with the Constitution for the purpose of adjusting the social insurance relationship, safeguarding citizens' legitimate rights and interests in participating in social insurance and enjoying social insurance benefits, enabling citizens to enjoy the fruits of development and promoting social harmony and stability.

Article 2 The state establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance, so as to guarantee citizens' right to receive material assistance from the state and society in accordance with the law in case of old age, illness, industrial injury, unemployment and maternity.

Article 3 The social insurance system adheres to the principles of wide coverage, basic protection, multi-level and sustainability, and the level of social insurance should be compatible with the level of economic and social development.

Derivative problem:

What if I haven't paid my old-age insurance at the age of 50?

If you are over 50 years old and have not paid the old-age insurance, you can go to local streets, communities and other places to ask about the payment of the old-age insurance, and quickly participate in the old-age insurance for residents or the new rural insurance and pay back. When you reach retirement age and pay more than 15 years, you will have certain pension benefits. Residents' old-age insurance or new rural insurance is charged annually, and the payment is made on time every year. If you meet the conditions, you can enjoy the old-age insurance.