Is it okay not to pay endowment insurance?

Endowment insurance is compulsory. Old-age insurance, the full name of social basic old-age insurance, is based on the principle of ensuring the basic livelihood of retirees. It is mandatory, mutually beneficial and social. Its compulsion is reflected in the legislation and law enforcement of the country, and both enterprises and individuals must participate and must not violate it; Mutual assistance is reflected in the source of endowment insurance expenses, which are generally shared by the state, enterprises and individuals, and are used and paid uniformly, so that employees of enterprises can get living security and realize extensive social mutual assistance; Sociality is reflected in the great influence of endowment insurance, the large number of people enjoying it for a long time and the huge cost.

Endowment insurance is a social insurance system established by the state and society according to certain laws and regulations to solve the problem that workers reach the working age limit stipulated by the state to terminate their labor obligations or quit their jobs because of old age. Endowment insurance is an important part of social security system and one of the five most important social insurances. The purpose of endowment insurance is to protect the basic needs of the elderly and provide them with a stable and reliable source of life.

Article 10 of the Social Insurance Law of People's Republic of China (PRC), employees shall participate in the basic old-age insurance, and the employer and employees shall jointly pay the basic old-age insurance premium. Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employer and other flexible employees can participate in the basic old-age insurance, and individuals pay the basic old-age insurance premium. The measures for the endowment insurance of civil servants and staff managed by reference to the Civil Service Law shall be formulated by the State Council.

Sixteenth individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis when they reach the statutory retirement age and have paid for fifteen years.

Individuals who participate in the basic old-age insurance and pay less than fifteen years when they reach the statutory retirement age can pay for fifteen years and receive the basic pension on a monthly basis; Can also be transferred to the new rural social endowment insurance or urban residents' social endowment insurance, enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council.