What's the use of pension?

1, provide basic life insurance, pay pension insurance for fifteen years, and receive pension after retirement.

2. Provide medical insurance, pay endowment insurance, and enjoy medical reimbursement after retirement.

3, the function of compulsory savings, compulsory payment of pensions, is actually equivalent to a monthly fixed deposit in pension accounts.

Social security pension, also known as pension and retirement fee, consists of basic pension, personal account pension and transitional pension. Pension, also known as pension and retirement fee, is a kind of social endowment insurance in China. According to the relevant documents, the definition of pension is: insurance benefits paid in monetary form on a monthly or one-time basis according to workers' contribution to society and their eligibility for pension insurance or retirement conditions.

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.

Eleventh basic old-age insurance to implement the combination of social pooling and individual accounts. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.