Calculation method of overdue interest of social security

Social insurance premium is the social insurance premium that needs to be paid, plus late fees and interest. The amount of overdue fine is the monthly social insurance premium payable × the number of days in arrears × 5/10000; Interest is only for the basic old-age insurance premium, calculated according to the bank's current interest rate.

Legal objectivity:

Article 13 of the Provisional Regulations on the Collection and Payment of Social Insurance Fees, if the payer fails to pay and withhold social insurance fees in accordance with the provisions, the administrative department of labor insurance or the tax authorities shall order it to pay within a time limit; Fails to pay, in addition to repay the amount owed, from the date of default, an additional 2/1000 of the daily fines. Late payment fees are incorporated into social insurance funds.