What's the difference between insurance premium and social insurance premium?

The full name of endowment insurance is social basic endowment insurance, which is a social insurance system established by the state and society according to certain laws and regulations to solve the basic life of workers who reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age.

Social insurance is compulsory by the state, and all units and individuals must participate. "Labor Law" Article 72 "Social insurance funds shall determine the source of funds according to the types of insurance, and gradually implement social pooling. Employers and workers must participate in social insurance and pay social insurance premiums according to law. " It is illegal for an employer not to pay social insurance for workers in accordance with state regulations, and its direct consequence is to infringe upon the legitimate rights and interests of workers.

The difference between endowment insurance and social security is that social insurance includes endowment insurance, unemployment insurance, work injury insurance, medical insurance and maternity insurance. Endowment insurance is a kind of social security.

Generally speaking, the old-age insurance means that an individual can receive a pension after paying 15 years, the employee's old-age insurance paid by the unit can only be received after formal retirement, and the national old-age insurance bought by the individual can only be received after the age of 60.