The difference between endowment insurance in Henan province and endowment insurance in Zhengzhou city

Old-age insurance, the full name of social basic old-age insurance, is a social insurance system established by the state and society in accordance with certain laws and regulations to solve the basic life of workers who reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age.

Pension calculation involves many factors, such as the average salary of employees in the previous year, the payment period of the parties, retirement age, personal account balance at retirement, payment base over the years, local social wages over the years and so on. The basic pension of the insured person is not different because of the unit payment or individual payment, but because of the different payment wages.

Extended data:

The endowment insurance in China consists of four levels (or parts). The first level is basic old-age insurance, the second level is enterprise supplementary old-age insurance, the third level is personal savings old-age insurance, and the fourth level is commercial old-age insurance. In this multi-level old-age insurance system, the basic old-age insurance is the first and highest level.

Basic old-age insurance: It is a social insurance system established by the state and society according to certain laws and regulations to solve the problem that workers reach the national working age limit to terminate their labor obligations or retire from their jobs because of old age. The basic old-age insurance is based on the principle of ensuring the basic livelihood of retirees.

Supplementary old-age insurance for enterprises: Supplementary old-age insurance for enterprises, also known as enterprise annuity, is implemented by national macro-control and internal decision-making. It refers to an auxiliary old-age insurance voluntarily established by enterprises on the basis of their own economic affordability and participation in basic old-age insurance, in order to improve the old-age insurance benefits for employees.

Personal savings endowment insurance: Employee's personal savings endowment insurance is an integral part of China's multi-level endowment insurance system, and it is a supplementary insurance form in which employees voluntarily participate and choose their own agencies. The purpose of implementing employee personal savings endowment insurance is to expand the sources of endowment insurance funds, raise endowment insurance funds through multiple channels, and reduce the burden on the state and enterprises.

Commercial endowment insurance: it is a long-term personal insurance with the main purpose of obtaining pension. It is a special form of annuity insurance, also known as endowment insurance, and a supplement to social endowment insurance. After paying a certain premium, the insured of commercial endowment insurance can start to receive pension from a certain age.

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