Why can the social security before 1965 be bought out in one lump sum?

It was possible before the implementation of the social insurance law.

1, before the implementation of the social insurance law; 2, has reached retirement age, payment period is not full; 3. The deferred payment after retirement is still less than 15 years after 5 years. 4. Hold the household registration of local residents. When individuals who participate in the basic old-age insurance for employees reach the statutory retirement age, if the accumulated payment is less than 15 years, the payment can be extended to 15 years. After the implementation of the Social Insurance Law, if the extension of payment for five years is still less than 15 years, it can be paid in one lump sum until it reaches 15 years. The employer takes the initiative to handle the payment standard of one-time payment in each time period for employees, and calculates the old-age insurance premium that should be paid according to the payment base and proportion of the corresponding time period determined in each year (if there is no payment base and proportion in that year, it shall be implemented according to the quota standard in that year).

Usage of social security card: 1. Social security card has the function of medical insurance card, which can be used to register for medical treatment in hospitals, buy medicines in pharmacies and receive pensions and treatment allowances. 2. Pensions are issued through social security cards. 3. When handling social security business, the social security card can be used as your identity certificate and regarded as your second identity card. It has the function of bank card. Social security cards have financial accounts and can be used as bank cards, including deposit and withdrawal and transfer. 5. It has convenient functions. In some areas, social security cards can also be used to brush buses and subways, borrow books from libraries, repay mortgages and inquire about provident funds.