What the national coordination of social security means

The national coordination of social security means that the pension insurance policies of all regions in the country will be unified and run and managed together, including the unification of contribution policies and the unification of retirement benefits. Social integration means that the social insurance fund will be collected and managed uniformly by the social insurance agency in accordance with the law, and transferred and used uniformly within the scope of the territory. This system adopts the traditional mode of mobilizing basic pension insurance premiums in the mobilization of the basic pension insurance fund. That is to say, the State, units and individuals*** share the burden; the basic pension insurance fund implements social mutual aid; and a structured approach is adopted for the calculation of basic pensions, emphasizing the incentive factor of individual account pensions and the difference in labour contributions. Basic pension insurance is mandatory by the state, and its purpose is to protect the basic living needs of retired people.