Is social security interest the same as late payment?

Social security interest is not the same as late payment. According to Hainan Social Insurance Service Center, social security interest refers to the interest income generated by social security funds when they pay social insurance premiums. Late payment fee refers to the fine that the payer who participates in social insurance fails to pay social insurance premiums in accordance with the relevant provisions of the state and local governments. The calculation formula of social insurance premium late fee: late fee = unpaid social insurance premium amount × late fee days ×0.5%. From the date of breach of contract, an overdue fine of 0.5 ‰ will be charged daily, but interest will not be charged at the same time. The overdue fine exceeding the principal will not be charged. The interest and overdue fine charged according to the above provisions shall be borne by the Employer.