What does fixed account of social security mean?

The fixed account of social security refers to the special account for the collection, transfer and use of social security funds. In China, enterprises and individuals pay social insurance premiums, in fact, to the fixed account of social security, social security funds in a unified account. This account is established by the state and is used to allocate and use among social security agencies in various cities and regions.

The social security fund is mainly used by social security agencies to maintain the social security fund and pay benefits. Social security expenditures mainly include retirement, pension, medical and other social welfare expenditures. The use of the social security fund must be approved by the State Council and the competent authorities above, and the relevant regulations are strictly adhered to, so as to ensure the proper use and safety of the fund. The fixed account of social security not only bears the income and expenditure of the social security fund, but also has regulations on the way it is operated to ensure the flow and safety of the fund.

The establishment of the fixed account of social security is to protect social justice and safeguard people's welfare and rights. The establishment of the fixed account is conducive to the centralized management and use of social security funds, to protect the special account of the relief fund from misappropriation, to strictly implement the earmarking of the fund purpose and the overall use of the fund, and to ensure the fairness of the social security fund. At the same time, for the operation of the social security fund provisions, but also help to ensure that the fair, transparent and efficient operation of the social security institutions, to eliminate corruption, waste and other malpractices.