What should the elderly over 60 do without social security?

Urban residents over the age of 60 can pay 15 social security in one lump sum without paying social security, so that the pension will have a stable source.

Old-age insurance will take effect automatically after the elderly within the legal scope "completely" or "basically" withdraw from social labor life. The so-called "complete" is characterized by the separation of workers from the means of production; The so-called "basic" means that participation in production activities has not become the main content of social life. The legal age limit is a practical measure.

Social endowment insurance is a kind of social insurance system established by our government according to certain laws and regulations to solve the problem that workers reach the working age limit stipulated by the state to terminate their labor obligations 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 old-age security system in China has three levels: social basic old-age insurance, enterprise supplementary old-age insurance and personal savings old-age insurance. The coverage of government-led social security is constantly expanding, and the social endowment insurance for urban residents in China has basically achieved full coverage. However, because the principle of social security is "low level and wide coverage", there are still great problems in the current old-age insurance system. The huge demand of the old-age insurance market cannot stand out only by social security. The replacement rate of old-age insurance has been declining year by year since the end of last century, and now it is less than 47%. It is urgent for commercial insurance to participate in social security, and the pressure of social security and pension can be diverted through the combination mechanism of commercial insurance and social security.

Legal basis:

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

Article 2 The state establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance, so as to guarantee citizens' right to receive material assistance from the state and society in accordance with the law in case of old age, illness, industrial injury, unemployment and maternity.

Tenth employees should participate in the basic old-age insurance, and employers and employees should 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.