What is the significance of buying social security?

Legal analysis: the benefits of paying social security mainly include:

1. Providing living security after retirement: After paying social security, after reaching retirement age, you can apply for retirement, and you don't need to continue to pay, and you can get a pension every month. This money can pay for basic living expenses and enjoy a more comfortable old age.

2. provide accident protection: after paying social security, you can use medical insurance to insure you for hospitalization, maternity insurance to reimburse you for childbirth, and industrial injury insurance to reimburse you for injuries during work. In addition, unemployment insurance in social security can provide living security for the unemployed.

3. Get the qualification to buy a house and a car: In some big cities, if you don't pay the local social security, you won't be eligible to buy a house, you won't be able to register, and you won't be able to participate in the car lottery.

4. Reduce the personal income tax paid: the state stipulates that the social security part is exempt from personal income tax, so after paying social security, the personal taxable part will be reduced, and the personal income tax to be paid will also be reduced.

Legal basis: Article 64 of People's Republic of China (PRC) Social Insurance Law includes basic endowment insurance fund, basic medical insurance fund, industrial injury insurance fund, unemployment insurance fund and maternity insurance fund. In addition to the basic medical insurance fund and maternity insurance fund combined accounting, other social insurance funds are accounted for separately according to social insurance types. Social insurance funds implement a unified accounting system throughout the country. The social insurance fund is earmarked for special purposes, and no organization or individual may occupy or misappropriate it. The basic old-age insurance fund will gradually implement national overall planning, and other social insurance funds will gradually implement provincial overall planning. The specific time and steps shall be stipulated by the State Council.