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How does the company boss pay social security?
1. The state establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance, and guarantees citizens' right to receive material help from the state and society in accordance with the law when they are old, sick, injured, unemployed and have children.
2. China implements the mode of combining social pooling with individual accounts. The basic old-age insurance fund and benefits are divided into two parts. Part of it is that the basic old-age insurance premium paid by the employer enters the basic old-age insurance fund and is used to pay part of the social pension when employees retire. The overall fund is used to balance the burden of employers, implement pay-as-you-go and reflect social mutual assistance. The other part is that the basic old-age insurance premium paid by the individual enters the personal account to pay the pension in the personal account after retirement, which reflects personal responsibility.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.
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