What does the social security pension balance mean?

Legal analysis: the balance of pension account generally means that when employees reach retirement age and enjoy treatment conditions, the part of endowment insurance paid by individuals and interest are paid to employees on a monthly basis and become part of endowment insurance. Among the old-age insurance premiums paid by units and individuals, part of this fee enters the overall planning and part enters the personal account. After participating in the basic old-age insurance, employees who have paid less than fifteen years when they reach the statutory retirement age can continue to pay for fifteen years, and then they can receive a monthly pension.

Legal basis: Article 11 of the Social Insurance Law of People's Republic of China (PRC) implements the combination of social pooling and individual accounts for basic old-age insurance. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.