Is it the same for companies to pay social security and individuals to pay social security pensions?

There are the following differences between units paying social security and individuals paying social security pensions:

1. After the company has paid social security for fifteen years and reached the statutory retirement age, it can receive a monthly pension. If it is less than 15 years, you can continue to pay fees, and you can receive a pension after 15 years;

2. Individual contributions are paid annually, and there is no mandatory requirement, which belongs to voluntary insurance. In addition to individual contributions, the government will also give subsidies. The more individual contributions, the more government subsidies. Individual contributions and government subsidies are all included in the insured's personal account;

3. Whether it is employee pension or resident pension, the higher the payment base and the longer the payment time, the more pensions will be received after retirement. The proportion of individual contributions is low, and the pension received after retirement will be lower.

legal ground

People's Republic of China (PRC) social insurance law

Sixteenth individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have paid for fifteen years at the statutory retirement age. Individuals who participate in the basic old-age insurance and pay less than fifteen years when they reach the statutory retirement age can pay for fifteen years and receive the basic pension on a monthly basis; Can also be transferred to the new rural social endowment insurance or urban residents' social endowment insurance, enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council. Tenth employees should participate in the basic old-age insurance, the basic old-age insurance premiums paid by the employer and employees. 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. Article 12 The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of employees stipulated by the state and record it in the basic old-age insurance pooling fund. Employees shall pay the basic old-age insurance premium in accordance with the proportion of wages stipulated by the state and record it in their personal accounts. Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employing unit and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premiums in accordance with state regulations and record them in the basic old-age insurance pooling fund and individual accounts respectively. Seventeenth individuals who participate in the basic old-age insurance, due to illness or non-work-related death, their survivors can receive funeral grants and pensions; Persons who have completely lost their ability to work due to illness or non-work-related disability before reaching the statutory retirement age can receive disability allowance. The required funds are paid from the basic old-age insurance fund.