Does pension money go to social security cards?

Yes. At present there are more and more areas to change the way the pension is paid out, requiring the pension to be paid into the social security card, and using the social security card to pay out and receive the pension has become a big trend.

Because nowadays you have to use social security card to see a doctor and buy medicines, and the social security card has a social security account and a bank account, and after activating the financial function and the bank account, it can be used as a bank card. Therefore, using social security card to issue pensions allows retirees to have one less bank card, and you can also self-service withdrawals, so you don't have to wait in a long queue for the counter to get your pensions with your passbook anymore, which is convenient and efficient.

Advantages of social security card financial account to receive pension:

1 Using financial social security card with chip to issue pension is more convenient and faster, with higher security;

2 You can enjoy fast query printing and other services through self-service terminals;

3The third-generation social security card also realizes the convenient services of public transportation travel and all kinds of life payment.

4Social security card to open the cell phone banking, can be bound to the electronic payment, consumption can be directly swipe the social security card.

Legal basis:

Social Insurance Law

Article 16 Individuals who have participated in basic old-age pension insurance shall receive a monthly basic pension if they have contributed for fifteen years by the time they reach the legal retirement age. Individuals who have participated in basic old-age insurance and have contributed for less than fifteen years by the time they reach the statutory retirement age may contribute until they reach the full fifteenth year, and receive a basic pension on a monthly basis; they may also be transferred to the new type of rural social old-age insurance or the urban residents' social old-age insurance, and shall enjoy the corresponding old-age insurance benefits in accordance with the provisions of the State Council.

Accounting System of Social Insurance Fund

Article 25

Expenditures of the Basic Pension Insurance Fund for Enterprise Employees include expenditures on old-age insurance benefits, transfer expenditures, expenditures on subsidies to subordinates, expenditures on transferring to superiors, and other expenditures.

Expenditures for old-age insurance treatment include basic old-age pensions, medical benefits, funeral grants and pensions, and invalidity allowances.

Basic pensions include basic pensions, individual account pensions, transitional pensions, and retirement pensions, pensions, gratuities, and allowances paid to those who had retired, retired, and retired before the implementation of the Decision of the State Council on the Establishment of a Unified Pension Insurance System for Employees of Enterprises (Guofa [1997] No. 26). Individual account pensions include individual account pension expenses paid on a monthly basis as well as individual account lump-sum expenses. Lump-sum expenditures on personal accounts refer to expenditures made by an individual participating in the basic pension insurance for enterprise employees to return the amount of funds in his or her own personal account due to death, leaving the country to settle in a foreign country, and so on.

Medical benefits refer to the required payment of medical expenses of retired, retired and retired personnel who have been included in the scope of expenditure of the basic pension insurance fund for enterprise employees.

Funeral subsidies and pensions refer to the funeral subsidy costs and pension costs for the survivors of the insured persons who have been included in the expenses of the Basic Pension Insurance Fund for Enterprise Employees after their deaths due to illness or not due to work.

Disability allowance refers to the basic living expenses paid according to the national standard to the insured persons who have lost their labor capacity due to illness or non-work-related disability when they have not reached the legal retirement age.

Offsetting from the basic pension insurance fund for enterprise employees against the expenditure on the basic pension insurance benefits for urban and rural residents who have repeatedly received such benefits is charged to other expenditures.