Is social insurance fund the same as social security?

Social insurance fund is different from social security.

Social insurance fund refers to a special fund for paying social insurance benefits, which the state requires the whole society to establish through legislation in order to ensure a reliable financial guarantee for social insurance. Assets purchased with such funds and their value-added parts also belong to the scope of social insurance funds.

Social insurance fund is a fund raised by the state for holding social insurance undertakings, which is used to pay insurance benefits and allowances enjoyed by workers due to temporary or permanent loss of working ability or job opportunities. The social insurance fund 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.

Social insurance refers to a social and economic system that provides income or compensation for people who lose their ability to work, are temporarily unemployed or suffer losses due to health reasons. The main items of social insurance include endowment insurance, medical insurance, unemployment insurance, industrial injury insurance and maternity insurance.

The social insurance plan is organized by the government, forcing a certain group to use part of its income as social insurance tax (fee) to form a social insurance fund. Under certain conditions, the insured can get fixed income or loss compensation from the fund. It is a redistribution system, and its goal is to ensure the reproduction of material and labor and social stability.

In China, social insurance is an important part of the social security system, occupying a core position in the whole social security system. In addition, social insurance is a contributory social security. The funds are mainly paid by employers and workers themselves, and the government finances give subsidies and bear the ultimate responsibility. However, workers can only enjoy the corresponding social insurance benefits if they fulfill their statutory payment obligations and meet the statutory conditions.

Legal basis:

Measures for administrative supervision of social insurance funds

Article 3 The administrative supervision of social insurance funds shall follow the principles of legality, objectivity, fairness and efficiency.

Article 4 Ministry of Human Resources and Social Security is responsible for the administrative supervision of the national social insurance fund. The local administrative departments of human resources and social security at or above the county level shall be responsible for the administrative supervision of social insurance funds within their respective administrative areas.

The administrative departments of human resources and social security can directly supervise the major supervision matters within the jurisdiction of the administrative departments of human resources and social security at lower levels.

Article 5 The administrative department of human resources and social security shall strengthen the construction of the administrative supervision team of social insurance funds, ensure the funds needed for the work and ensure the independence of the supervision work.

Social insurance law

Article 58 An employing unit shall, within 30 days from the date of employment, apply to the social insurance agency for social insurance registration for its employees. If the social insurance has not been registered, the social insurance agency shall verify the social insurance premium it should pay. Employees-free individual industrial and commercial households who voluntarily participate in social insurance, part-time employees who do not participate in social insurance in the employing unit and other flexible employees shall apply to the social insurance agency for social insurance registration. The state establishes a national unified personal social security number. Personal social security number is a citizen's identity number.