What are the benefits of buying social security?

The benefits of purchasing social security are as follows:

1. Pension provides stable income for parents in their old age and improves their quality of life.

2. After reaching the required age, you can receive pension insurance on a monthly basis to reduce the economic pressure of your children.

3. Social security is related to the qualification to buy a house, settle down and shake the number in a big city, and helps to obtain social welfare.

4. Maternity insurance grants maternity allowance to reduce family maternity expenses.

The basic functions of social security:

1. Provide basic medical insurance: social insurance can help the payer to reduce the burden of medical expenses when he is sick;

2. Guarantee the life for the aged: provide financial support for the life after retirement through the accumulation of social security pension;

3. Unemployment insurance: in the case of unemployment, social security can provide financial assistance for a certain period of time to help the payer tide over the difficulties;

4. Maternity insurance: for qualified employees, social security provides maternity allowance and medical expenses subsidy;

5. Work-related injury insurance: In case of injury or occupational disease at work, social security provides medical expenses and living expenses subsidies.

To sum up, purchasing social security can not only provide parents with a stable income in their later years, improve their quality of life and reduce their children's financial burden, but also be linked to social welfare qualifications such as buying a house, settling down and buying a car in a big city, so as to reduce family maternity expenses through maternity insurance.

Legal basis:

People's Republic of China (PRC) social insurance law

Article 4

Employers and individuals in People's Republic of China (PRC) pay social insurance premiums according to law, and have the right to inquire about payment records and personal rights records, and require social insurance agencies to provide social insurance consultation and other related services. Individuals enjoy social insurance benefits according to law and have the right to supervise the payment of their own units.

People's Republic of China (PRC) social insurance law

Article 10

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.

People's Republic of China (PRC) social insurance law

Article 11

The basic old-age insurance combines social pooling with individual accounts. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.

People's Republic of China (PRC) social insurance law

Article 12

The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of its employees stipulated by the state, and record it in the basic old-age insurance pooling fund. Employees shall pay the basic old-age insurance premium in accordance with the proportion of wages stipulated by the state and record it in their personal accounts. Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employing unit and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premiums in accordance with state regulations and record them in the basic old-age insurance pooling fund and individual accounts respectively.

Labor law of the people's Republic of China

Article 72

The social insurance fund shall determine the source of funds according to the types of insurance and gradually implement social pooling. Employers and workers must participate in social insurance and pay social insurance premiums according to law.