What is basic endowment insurance?

Legal analysis: Old-age insurance, the full name of social basic old-age insurance, is a social insurance system established by the state and society in accordance with 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 contracts or quit their jobs because of old age.

Endowment insurance is an important part of social security system and one of the five most important social insurances. The purpose of endowment insurance is to protect the basic needs of the elderly and provide them with a stable and reliable source of life.

Five insurances and one gold refer to several kinds of security benefits provided to workers by employers, including endowment insurance, medical insurance, unemployment insurance, work injury insurance, unemployment insurance and housing accumulation fund.

Among them, pension insurance, medical insurance and unemployment insurance are all paid by enterprises and individuals, and industrial injury and maternity insurance are entirely borne by enterprises, and individuals do not need to pay. It should be noted here that "five risks" are legal, but "one gold" is not.

Legal basis: Article 27 of People's Republic of China (PRC) Social Insurance Fund Accounting System.

The basic endowment insurance fund expenditure of government agencies and institutions includes pension insurance treatment expenditure, transfer expenditure, subsidy for lower-level expenditure, higher-level expenditure and other expenditures.

Expenditure on pension insurance benefits includes basic pension, funeral subsidy, pension and disability allowance.

The basic pension includes the basic pension, personal account pension, transitional pension, retirees' retirement (post) expenses and living expenses of sick retirees before the implementation of the reform of the endowment insurance system for staff of government agencies and institutions, and is implemented in accordance with the Notice of Ministry of Human Resources and Social Security and the Ministry of Finance on Implementing the Decision of the State Council on the Reform of the Endowment Insurance System for Staff of Government Agencies and Institutions (Ministry of Human Resources and Social Security Fa [2015] No.28). Personal account pension includes monthly personal account pension expenditure and one-time personal account expenditure. One-time expenditure of personal account refers to the expenditure of returning the balance of personal account due to the death and going abroad (border) of the individual who participated in the basic old-age insurance of government agencies and institutions.

Funeral grants and pensions refer to the funeral grants for the insured who have been included in the expenditure scope of the basic old-age insurance fund of government agencies and institutions and the pension expenses for their survivors who died due to illness or non-work.

Disability allowance refers to the basic living expenses paid to the insured who has completely lost the ability to work due to illness or non-work-related disability and has not reached the statutory retirement age according to the standards set by the state.