Social security planning for the next five years

Gradually raising the minimum number of years of contributions to receive basic pensions, and revising the number of months of payment for individual accounts of employees' basic pension insurance.

Legal basis:

Article 12 of the Social Insurance Law of the People's Republic of China*** and the State of China, employers shall pay basic pension insurance premiums in accordance with the proportion of the total wages of the employees of the organization as stipulated by the State, and shall be credited to the Basic Pension Insurance Coordination Fund. Employees shall pay basic pension insurance contributions in proportion to their own wages as prescribed by the State, which shall be credited to their individual accounts. Individual business households without employees, part-time workers who do not participate in the basic pension insurance in the employer and other flexible employment to participate in the basic pension insurance, should pay the basic pension insurance premiums in accordance with the state regulations, respectively, credited to the basic pension insurance fund and individual accounts.