What is the meaning of the social security contribution rate of 60%

Social level 60% grade is the lowest grade of the enterprise for employees to pay pension insurance, as follows:

1, social level 60% refers to each year the provinces announced the previous year's average social wage of 60%, the company for the workers to pay pension insurance when the base is not lower than the social level of 60%. According to 60% of the contribution grade, about 10 years of pension can receive back the capital;

2, social insurance is mainly through the mobilization of social insurance fund, and within a certain range of social insurance fund to implement the co-ordination of transfer to the workers encountered labor risks to give the necessary help, social insurance for workers to provide is the basic livelihood security, as long as the workers are eligible to enjoy the conditions of the social insurance, that is, or with the employer to establish the social insurance system, the social insurance system is not only the social insurance system, but also the social insurance system. As long as the worker meets the conditions for enjoying social insurance, i.e., either has established a labor relationship with the employer or has paid the social insurance premiums in accordance with the regulations, he or she will be entitled to social insurance benefits. Social insurance is the core of the social security system.

Legal basis: Article 16 of the Social Insurance Law of the People's Republic of China

Individuals who have participated in basic old-age pension insurance shall receive a monthly basic old-age pension if they have made contributions for a total of fifteen years by the time they reach the legal retirement age.

Individuals who have participated in basic pension insurance and have contributed for less than fifteen years by the time they reach the statutory retirement age may contribute until they reach fifteen years and receive a basic pension on a monthly basis; they may also be transferred to the new type of rural social pension insurance or the urban residents' social pension insurance, and shall enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council.

Article 17

Individuals participating in the basic pension insurance, due to illness or non-work-related death, the survivors can receive funeral grants and pensions; in the case of disability due to illness or non-work-related total loss of working capacity before reaching the statutory retirement age, you can receive invalidity allowance. The required funds are paid from the basic pension insurance fund.