What does social security buyout mean?

What does social security buyout mean?

1. According to the national policy, those who participated in social security before 1998 can do so. If an employee is assigned to a new employer for reasons other than his own, the employee's working years in the original employer will be combined and calculated as the working years in the new employer.

2. Social security buyout is to apply for a one-time buyout of social security for those who participated in social security before 1998.

Social security buyout is aimed at consumers who participated in social security before 1998, but did not participate in social security for 15 years, or never participated in social security after work, and can apply for a one-time buyout.

3. Buy-out of enterprise endowment insurance means that after buying out the length of service, the unit only pays employee endowment insurance until the month of buy-out. After that, they will not be employees of enterprises, and they will pay their own pension insurance or work in other units.

Conditions for social security buyout

1. Holders of local household registration book, social security card (copy of the original inspection), bank passbook or debit card (copy of the original inspection) and personnel file (copy of the original inspection), which should be provided by the applicant if he has the payment period.

2. 1 participated in the basic old-age insurance for enterprise employees before June 30, 1998 (inclusive), and the cumulative payment period (including deemed payment period) reached 10 year when reaching the national statutory retirement age, and the monthly payment was postponed for more than1year.

3. Men are over 65 years old and women are over 60 years old. They were insured before the implementation of the social insurance law, and the overdue payment is still less than 15 years after 5 years.

Materials required for social security buyout:

1, ID card (copy and original);

2, household registration book (copy of the original inspection);

3, social security card (copy of the original inspection);

4. Bank passbook or debit card (one for Bank of China, Industrial Bank, China Construction Bank and Agricultural Bank, with a copy of the original);

5. If the applicant has the payment period, it is required to provide personnel files (copy of the original inspection).

Legal basis:

Article 34 of the Labor Contract Law

Where the employing unit is merged or divided, the original labor contract shall remain valid, and the labor contract shall continue to be performed by the employing unit that inherits its rights and obligations.

Article 10 of the Regulations for the Implementation of the Labor Contract Law stipulates that

If a laborer is assigned to work in a new employer for reasons other than his own, the working years of the laborer in the original employer shall be calculated as the working years in the new employer.