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What is the minimum social security pension in Hefei now?
Legal basis: People's Republic of China (PRC) Labor Law.
Article 70 The state develops social insurance undertakings and establishes social insurance systems and social insurance funds, so that workers can get help and compensation in old age, illness, work injury, unemployment and childbirth.
Article 73 Laborers shall enjoy social insurance benefits according to law under the following circumstances: 1. Retire; 2. Diseases and injuries; 3. Work-related disability or occupational disease; 4. Unemployment; 5. Fertility.
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 premiums payable during the payment period shall be borne by the government. When the basic old-age insurance fund is insufficient to pay, the government gives subsidies.
Fifteenth basic pension consists of overall pension and individual account pension. The basic pension is determined according to factors such as individual cumulative payment years, payment wages, average salary of local employees, personal account amount, average life expectancy of urban population, etc.
Sixteenth individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have accumulated contributions for fifteen years when they reach 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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