Provisions of Beijing Municipality on Basic Endowment Insurance

Chapter I General Provisions Article 1 In order to ensure the basic livelihood of workers after retirement and improve the basic old-age insurance system, these provisions are formulated in accordance with the Labor Law of People's Republic of China (PRC) and the relevant provisions of the state, combined with the actual situation of this Municipality. Article 2 Enterprises within the administrative area of this Municipality and urban workers, urban individual industrial and commercial households and flexible employees who have formed labor relations with them shall participate in the basic old-age insurance in accordance with these Provisions.

Urban workers, individual industrial and commercial households and flexible employees who participate in the basic old-age insurance are hereinafter referred to as the insured. Article 3 The basic old-age insurance system adheres to the principles of wide coverage, moderate level, reasonable structure and balanced funds. Article 4 The municipal administrative department of labor security shall be responsible for organizing, guiding, supervising and managing the basic old-age insurance in the whole city; The district and county administrative departments of labor security shall be responsible for the supervision and management of the basic old-age insurance within their respective administrative areas.

The social insurance agencies established by the municipal, district and county labor and social security administrative departments shall be responsible for the registration, collection, payment, audit and other specific work of the basic old-age insurance according to law; Municipal social insurance agencies are responsible for formulating specific management systems and standardizing business processes. Article 5 The financial department is responsible for the financial supervision and management of the basic old-age insurance fund; Audit institutions are responsible for supervising the income and expenditure and management of the basic old-age insurance fund. Article 6 The Beijing Municipal Social Insurance Supervision Committee shall be responsible for supervising the implementation of laws, regulations, rules and policies on basic old-age insurance and the management of basic old-age insurance funds.

The Beijing Municipal Social Insurance Supervision Committee is composed of representatives from the government, enterprises, trade unions and retirees. Article 7 The municipal labor security administrative department shall, jointly with relevant departments, do a good job in socialized management of enterprise retirees and provide socialized services for retirees. Article 8 Enterprises are encouraged to establish enterprise annuities on the basis of participating in basic old-age insurance, and insured persons are encouraged to participate in personal savings old-age insurance. Chapter II Basic Endowment Insurance Fund Article 9 The basic endowment insurance fund consists of the following parts:

(a) the basic old-age insurance premiums paid by enterprises and insured persons; (two) the basic old-age insurance premium interest and other income; (3) financial subsidies; (4) late fees; (five) other funds that can be included in the basic old-age insurance fund. Tenth basic old-age insurance funds into the financial accounts of social insurance funds, the implementation of two lines of revenue and expenditure management. Eleventh enterprises and insured persons shall pay the basic old-age insurance premium in full and on time.

The basic old-age insurance premium paid by urban workers shall be withheld and remitted by enterprises from their own wages. Enterprises pay the basic old-age insurance premium in full in cash. Urban individual industrial and commercial households and flexible employees shall pay monthly according to the payment base and payment ratio determined in these Provisions. Twelfth urban workers pay the basic old-age insurance premium at 8% of their average monthly salary in the previous year, which is fully included in their personal accounts.

If the base of payment salary is lower than 60% of the average monthly salary of employees in this Municipality last year, 60% of the average monthly salary of employees in this Municipality will be used as the base of payment salary; More than 300% of the average monthly salary of employees in this Municipality last year is not included in the base of payment salary, and is not used as the base of basic pension. Thirteenth enterprises to the sum of all urban workers pay wages as the base of enterprise pay wages, according to the proportion of 20% to pay the basic old-age insurance. The basic old-age insurance premiums paid by enterprises shall be paid before tax. Fourteenth urban individual industrial and commercial households and flexible employees pay the basic old-age insurance premium at the rate of 20% based on the average monthly salary of employees in this city last year, of which 8% is included in personal accounts. Fifteenth social insurance agencies should establish the payment records of the basic old-age insurance premiums paid by enterprises and insured persons, and be responsible for keeping them to ensure their integrity and safety.

Enterprises and insured persons have the right to inquire about payment records. Article 16 An enterprise shall announce the payment of basic old-age insurance premiums in the previous year to its employees every year.

The municipal social insurance agency shall issue an announcement before April 30 each year to check the payment records of the insured in the previous year, and determine the time to check the payment base and pay the basic old-age insurance premium in the announcement.

The specific measures for paying the basic old-age insurance premium shall be formulated by the municipal administrative department of labor security. Chapter III Personal Accounts of Basic Old-age Insurance Article 17 Social insurance agencies shall establish personal accounts of basic old-age insurance for insured persons in accordance with relevant state regulations (hereinafter referred to as personal accounts). Article 18 A personal account consists of the basic old-age insurance premium paid by the insured and the interest on the amount stored in the personal account.

The amount of personal account deposit is calculated with reference to the annual bank deposit interest rate for the same period. Article 19 The amount stored in individual accounts can only be used by the insured for providing for the aged, and cannot be withdrawn in advance. After the death of the insured, the basic old-age insurance premium and interest paid by the individual in the amount or balance of the individual account can be inherited according to law, and the rest can be incorporated into the basic old-age insurance fund. Article 20 When the insured moves within or across the overall planning scope of this Municipality, the transfer of their basic old-age insurance relationship and personal account shall be handled in accordance with the relevant provisions of the state and this Municipality. Chapter IV Basic Endowment Insurance Benefits