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How to merge social security?
2. Legal basis: Article 11 of the Social Insurance Law of People's Republic of China (PRC) implements the combination of social pooling and individual accounts for basic old-age insurance. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.
Article 12 The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of 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.
Article 13 Before employees of state-owned enterprises and institutions participate in the basic old-age insurance, the basic old-age insurance premium that should be paid during the payment period shall be borne by the government. When the basic old-age insurance fund is insufficient to pay, the government gives subsidies.
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