How to calculate the late payment fee for endowment insurance

The calculation method of the late payment fee for endowment insurance is: the total payment multiplied by the number of days in arrears multiplied by 2%. The upper limit of the late payment fee is 40% of the principal, and the maximum amount cannot exceed 8,000 yuan. More than 8000 yuan will be charged.

The main features of endowment insurance are as follows:

1, mandatory by national legislation, all enterprises, units and individuals must participate, and those who meet the conditions for receiving pensions can receive pensions from the social insurance department;

2. The source of endowment insurance expenses is generally shared by the state, units and individuals, or shared by units and individuals to achieve extensive social mutual assistance;

3. Endowment insurance is social, with great influence, many beneficiaries, long time and huge cost. Therefore, it is necessary to set up specialized agencies to implement unified planning and management of modernization, specialization and socialization;

4, through the establishment of the old-age insurance system, it is conducive to the replacement of old and new, and realize the rationalization of employment structure. Providing the elderly with basic living security and a sense of security is an important measure to deal with the aging population and is conducive to social stability. It can inspire young people to forge ahead, raise wages, provide security for their retirement and help promote economic development from the side.

To sum up, the overdue fine for old-age insurance is calculated at the rate of 0.5 ‰ per day from the date of default, that is, the overdue fine payable = the unpaid fee multiplied by 0.5 ‰ multiplied by the days of default.

Legal basis:

Article 4 of People's Republic of China (PRC) Social Insurance Law

Employers and individuals in People's Republic of China (PRC) pay social insurance premiums according to law, and have the right to inquire about payment records and personal rights records, and require social insurance agencies to provide social insurance consultation and other related services. Individuals enjoy social insurance benefits according to law and have the right to supervise the payment of their own units.

Article 86

If the employer fails to pay the social insurance premium in full and on time, the social insurance premium collection agency shall order it to pay it within a time limit or make up for it, and from the date of default, an overdue fine of 5/10000 shall be added daily; Failing to pay within the time limit, the relevant administrative departments shall impose a fine of more than one time and less than three times the amount owed.