Shanghai is 60 years old and has no social security.

According to the current policy in Shanghai, those under 60 years of age will either continue to pay urban insurance, or transfer to the new rural endowment insurance (rural household registration) or residential insurance (urban household registration) for retirement.

Repaying the loan is for those who have worked for 92 years. Only those who have paid less than 5 years 15 years can repay the remaining years in one lump sum.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.