Is it cost-effective to pay for social security at one's own expense

Legal analysis: It is cost-effective to pay for social pension insurance at one's own expense. The basic pension insurance fund consists of contributions from employers and individuals as well as government subsidies. You can receive pension insurance benefits when you reach retirement.

The amount of pension insurance benefits is determined by the cumulative number of years of pension insurance contributions paid and the level of contributions, that is, the longer the contributions, the more pension insurance paid, the more pension insurance benefits you will get in the future.

Pension insurance is an important part of the social security system and is one of the most important of the five major types of social insurance. The purpose of old-age insurance is to protect the basic needs of the elderly and provide them with a stable and reliable source of livelihood.

Legal basis: The Social Insurance Law of the People's Republic of China

Article 11: Basic pension insurance is a combination of social coordination and individual accounts. The basic pension insurance fund consists of contributions from employers and individuals and government subsidies.

Article 12 Employing units shall contribute to the basic pension insurance fund in accordance with the proportion of the total wages of their employees as prescribed by the State. Employees shall contribute to the basic pension insurance premiums in the proportion of their own wages as prescribed by the State and credited to their individual accounts.

Individual industrial and commercial households without employees, part-time workers who do not participate in the basic pension insurance of the employing organization, and other flexibly employed persons participating in the basic pension insurance shall pay the basic pension insurance premiums in accordance with the state regulations, which shall be credited to the basic pension insurance general fund and the individual account respectively.