What is the meaning of 60% social security contribution rate

Social security 60% is the minimum level of pension insurance that a company pays for its employees. 60% of the social level refers to 60% of the average social wage of the previous year as announced by each province. When a company pays pension insurance for its employees, its base cannot be lower than 60% of the social level. According to the 60% contribution level, about 10 years pension can get back the principal. Pension insurance means that you can apply for retirement at the age of 15, but if you only pay for 15 years, your pension will be lower. According to the contribution bracket of pension insurance, the minimum contribution is not less than 60% of the average monthly salary of social workers, and the maximum contribution is 300% of the average monthly salary of workers. Users can choose a higher bracket to pay for pension insurance if they are in a position to do so. Although there is now a retirement age, but in the case of high-risk work, loss of labor capacity and other special circumstances, you can apply for early retirement to receive pension benefits.