What does 20% of endowment insurance mean?

Endowment insurance is an important part of social security system and one of the five most important social insurances. The so-called endowment insurance (or endowment insurance system) is a social insurance system established by the state and society according to certain laws and regulations to solve the basic life of workers who reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age. This concept mainly includes the following three meanings: 1 Old-age insurance will take effect automatically after the elderly within the legal scope completely or basically withdraw from social labor life. The "complete" here is characterized by the separation of workers from the means of production; The so-called "basic" means that participation in production activities has not become the main content of social life. It should be emphasized that the legal age limit (different countries have different standards) is a practical measure. 2. The purpose of endowment insurance is to ensure the basic needs of the elderly and provide them with a stable and reliable source of life. 3. Endowment insurance is based on social insurance to achieve the purpose of protection. Old-age insurance is a social security system widely implemented in all countries of the world. Generally speaking, it has the following characteristics: (1) is enforced by national legislation, and all enterprises, units and individuals must participate. Those who meet the conditions for receiving a pension can receive a pension from the social insurance department; (2) The source of endowment insurance expenses is generally shared by the state, units and individuals, or by units and individuals to achieve extensive social mutual assistance; (3) Endowment insurance is social, has great influence, enjoys a large number of people for a long time, and costs a lot. Therefore, it is necessary to set up specialized agencies to implement unified planning and management of modernization, specialization and socialization.

Legal objectivity:

Article 10 of the Social Insurance Law of People's Republic of China (PRC), employees shall participate in the basic old-age insurance, and the employer and employees shall jointly pay the basic old-age insurance premium. Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employer and other flexible employees can participate in the basic old-age insurance, and individuals pay the basic old-age insurance premium. The measures for the endowment insurance of civil servants and staff managed by reference to the Civil Service Law shall be formulated by the State Council.