What does social security fund mean?

Legal Analysis: The social security fund, also known as the National Social Security Fund, refers to the social security fund centrally managed by the central government, managed by the National Social Security Fund Council (hereinafter referred to as the Council), and consists of funds and equity assets allocated by the reduction of state-owned shares, funds allocated by the central government, funds raised by other means approved by the State Council and their investment income.

Social security funds are not open to individual investors. Social security fund is a part of the endowment insurance premium paid by the state to enterprises and institutions managed by professional institutions in order to maintain and increase the value.

Legal basis: People's Republic of China (PRC) Social Insurance Law.

Sixty-first social insurance fee collection agencies shall collect social insurance premiums in full and on time according to law, and regularly inform employers and individuals of the payment situation.

Article 62 If the employer fails to declare the amount of social insurance premiums that should be paid according to the regulations, the amount that should be paid shall be determined according to 1 10% of the amount paid by the employer last month; After the payment unit completes the declaration procedures, the social insurance fee collection agency shall make settlement in accordance with the provisions.

Article 63 If an employer fails to pay social insurance premiums in full and on time, the social insurance premium collection agency shall order it to pay or make up within a time limit.