What does the minimum payment base of social security mean?

Legal analysis: the minimum payment base of social security refers to the minimum payment standard amount of this year determined according to the local average wage standard of the previous year and the calculation ratio determined by the local government department. This amount is the minimum payment base. When an enterprise pays social security for its employees, it shall not be lower than this standard.

Legal basis: the State Council's decision on the reform of endowment insurance system for staff in government agencies and institutions. Implement a basic old-age insurance system that combines social pooling with individual accounts. The basic old-age insurance premium is shared by units and individuals. The proportion of the unit paying the basic old-age insurance premium (hereinafter referred to as the unit payment) is 20% of the total salary of the unit, and the proportion of the individual paying the basic old-age insurance premium (hereinafter referred to as the individual payment) is 8% of the salary paid by himself, which is withheld and remitted by the unit. Establish a personal account for basic old-age insurance according to the amount of 8% of my salary, all of which are formed by individual contributions. The part where the individual salary exceeds 300% of the average salary of local employees in the previous year is not included in the base of individual contribution salary; If it is lower than 60% of the average salary of local employees in the previous year, the base of individual payment salary shall be calculated according to 60% of the average salary of local employees. Personal account storage is only used for employee pension, and it is not allowed to withdraw in advance. Interest is calculated every year according to the bookkeeping rate uniformly announced by the state, and interest tax is exempted. If the insured dies, the balance of the personal account can be inherited according to law.