What is the personal coefficient in social security

Legal analysis: social insurance coefficients are the different proportions of the contribution base. When paying social security, residents can choose their own social insurance coefficients, which is mainly for flexible employment. As an example, if the social insurance coefficient is 0.6, 1.0, 1.2, it means the contribution base is 60% of the minimum wage of local employees, the minimum wage of local employees, and 120% of the minimum wage of local employees respectively. Flexibly employed people can choose the contribution base that suits them according to their own conditions.

Legal basis: Article 64 of the Social Insurance Law of the People's Republic of China (P.R.C.). The social insurance fund consists of the basic pension insurance fund, the basic medical insurance fund, the industrial injury insurance fund, the unemployment insurance fund and the maternity insurance fund. With the exception of the basic medical insurance fund and the maternity insurance fund, which are combined and accounted for in a single account, the other social insurance funds are accounted for separately according to the type of social insurance risk and are accounted for in separate accounts. The social insurance funds are subject to the unified accounting system of the State.

Social insurance funds are earmarked for specific purposes, and may not be misappropriated or misappropriated by any organization or individual.

The basic old-age insurance fund is gradually implemented at the national level, and other social insurance funds are gradually implemented at the provincial level, with the specific time and steps stipulated by the State Council.