What is the first paragraph of Article 12 of the Social Insurance Law?

People's Republic of China (PRC) social insurance law

Article 12 The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of employees stipulated by the state and record it in the basic old-age insurance pooling fund.

Employees shall pay the basic old-age insurance premium in accordance with the proportion of wages stipulated by the state and record it in their personal accounts.

Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employing unit and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premiums in accordance with state regulations and record them in the basic old-age insurance pooling fund and individual accounts respectively.

The main significance of enacting the Social Insurance Law of People's Republic of China (PRC) is that it is an important law that plays a supporting role in the socialist legal system with Chinese characteristics, and it is a law that strives to protect and improve people's livelihood. Its promulgation and implementation is another milestone in the legal construction of human resources and social security in China, which is of great significance for establishing a social security system covering urban and rural residents, better safeguarding the legitimate rights and interests of citizens to participate in social insurance and enjoy social insurance benefits, enabling citizens to share the fruits of development and promoting the construction of a harmonious socialist society.

The main functions of People's Republic of China (PRC) Social Insurance Law include:

1, standardize the social insurance relationship, safeguard the legitimate rights and interests of citizens to participate in social insurance and enjoy social insurance benefits, let citizens share the fruits of development and promote social harmony and stability.

2. The state establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance, so as to guarantee citizens' right to receive material assistance from the state and society in accordance with the law in case of old age, illness, industrial injury, unemployment and maternity.

3. The social insurance system adheres to the principles of wide coverage, basic protection, multi-level and sustainability, and the level of social insurance should be compatible with the level of economic and social development.

To sum up, the first paragraph of Article 12 of the Social Security Law stipulates that the employer and employees should pay endowment insurance, with the purpose of safeguarding the interests of employees and maintaining social stability.