Do you still need to buy rural endowment insurance after buying social security?

Different from the old-age insurance for urban and rural residents:

1, different forms of payment, employee pension insurance is that individuals and units bear their own expenses in proportion, and village pension insurance chooses the payment grade according to their own economic conditions;

2. The account forms are different. There are personal accounts and co-ordination accounts for employee pension insurance, which are equivalent to two accounts, but there is only one personal account for urban and rural residents pension insurance;

3. The benefits are different. Employee pension insurance should be paid continuously for at least 15 years. The longer the payment time, the more pensions will be received later, and the pensions received after reaching retirement age will be higher than the old-age insurance for urban and rural residents.

You don't need to buy rural endowment insurance if you buy social security, as follows:

1. Both types of insurance include social pooling and government subsidies. Everyone can only enjoy one type of insurance, and they can't conflict and repeat each other. Since you have bought social security, you can continue to buy social security, and you can apply for retirement when you reach the legal retirement age of the country and have paid for it continuously for fifteen years;

2. Rural people can't buy rural old-age insurance when they buy social security. Both types of insurance include social pooling and government subsidies. Everyone can only enjoy one type of insurance, and they can't conflict and repeat each other. Since you have bought social security, you can continue to buy social security, reach the statutory retirement age of the country, and you can apply for retirement after 15 years of continuous payment.

The new rural social endowment insurance is a social endowment insurance system organized and implemented by the government to ensure the basic life of rural residents in their later years, and it is an important part of the national social insurance system.

Pension benefits are combined by social pooling and individual accounts, and are matched with other social security policies and measures such as family pension, land security and social assistance, and a financing model combining individual contributions, collective subsidies and government subsidies is established. The new rural social endowment insurance introduced in 2009 is commonly known as "new rural endowment insurance". There are three financing channels: individual contributions, collective subsidies and government subsidies. Farmers' monthly basic pension (55 yuan) is paid directly by the central government, and each insured farmer can receive it directly on a monthly basis after reaching the age of 60. Because the population of farmers is hundreds of millions, this expenditure per person per month (55 yuan) is huge. For thousands of years, farmers have their own pensions for the first time.

I hope the above content can help you. If in doubt, please consult a professional lawyer.

Legal basis:

Article 16 of People's Republic of China (PRC) Social Insurance Law

Individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have paid a total of fifteen years when they reach 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.