What does the minimum social security mean?

What does the minimum payment standard of endowment insurance mean? The social security departments of local governments work out a social security payment figure every year according to the per capita wage income and consumption level in the region, and the base of the expenses paid by each unit for employees shall not be lower than or higher than a certain proportion of the standard figure, so it is divided into the highest payment standard and the lowest payment standard.

1. Employees shall participate in the basic old-age insurance, and the employer and employees shall jointly pay the basic old-age insurance premium. Generally speaking, the endowment insurance is 20% for the unit and 8% for the individual.

2. As long as the social security payment reaches 15 years and reaches the retirement age, you can receive a monthly pension.

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