What exactly is social security?

Social security: short for social insurance.

Social insurance refers to the insurance system formulated by the state to safeguard citizens' rights and interests, prevent and share the social risks that may be brought about by citizens' illness and unemployment, which is generally mandatory.

At present, there are five social insurances: unemployment insurance, industrial injury insurance, endowment insurance, medical insurance and maternity insurance.

The first category: social endowment insurance

Social endowment insurance refers to the insurance system in which the insured person pays a certain amount of premium within the working years and can receive the basic pension on a monthly basis after reaching the retirement age stipulated by the state.

The second category: social medical insurance

Social medical insurance refers to the insurance system in which the insured pays a certain fee during employment and can enjoy reimbursement when he is sick. Medical insurance consists of pooling funds and personal accounts, in which: pooling funds are used to reimburse employees' medical expenses, and funds in personal accounts can be used to pay medical expenses.

Category III: Industrial Injury Insurance

Industrial injury insurance refers to an insurance system in which the state compensates workers and their families after they are disabled, killed or permanently incapacitated due to accidents at work.

The fourth category: unemployment insurance

Unemployment insurance refers to an insurance system that provides basic living expenses for the staff of public institutions and temporary compensation for the unemployed.

Category V: Maternity insurance

Maternity insurance refers to a social insurance system in which the state and society provide medical services, maternity allowance and maternity leave when pregnant and childbirth female workers temporarily stop working.