What does social insurance fund mean?

Social insurance fund refers to a special fund for paying social insurance benefits, which the state requires the whole society to establish through legislation in order to ensure a reliable financial guarantee for social insurance. Assets purchased with such funds and their value-added parts also belong to the scope of social insurance funds.

Social insurance fund is also a fund raised by the state for holding social insurance undertakings, which is used to pay the insurance benefits and allowances enjoyed by workers due to temporary or permanent loss of labor ability or labor opportunities.

What does the social labor insurance fund include?

Social insurance funds mainly include five categories, namely: basic old-age insurance funds, basic medical insurance funds, industrial injury insurance funds, unemployment insurance funds and maternity insurance funds.

All social insurance funds shall be accounted for separately according to the types of social insurance, and a unified national accounting system shall be implemented. Social insurance funds shall be earmarked for special purposes, and no organization or individual may occupy or misappropriate them in any form.