What are labor insurance and social security?

Labor insurance: refers to a social security system in which workers cannot continue to work or temporarily stop working for various reasons and get material help from the state and society. Labor insurance is a basic right that workers get after making certain contributions to the country and society. This right is guaranteed by national legislation and is mandatory. Some long-term benefits of labor insurance, such as retirement pension funds, are raised, paid, adjusted and managed by the whole country or region, and also have the nature of mutual assistance.

Social insurance: also known as social security, refers to a social insurance or security mechanism to help citizens face certain social risks such as unemployment, illness, accidents, aging and death. Or guarantee basic living resources such as education and medical care.

The most basic social insurance premiums are divided into endowment insurance premiums, medical insurance premiums, unemployment insurance premiums and provident funds, which are usually called "four funds". Enterprises and individuals each bear a certain proportion of the premium.