What does social security fund mean?

Social security fund, that is, social insurance fund, is a social security system to ensure that citizens get economic compensation and security in the case of old age, illness, work injury, unemployment and maternity. It is dominated by the government and enforced by legislation, with the characteristics of compulsion, mutual assistance and welfare.

The social insurance fund mainly includes the following five aspects:

1. Endowment insurance fund: used to ensure that workers get economic subsidies when they reach the legal retirement age or lose their ability to work, so as to maintain their basic living standards.

2. Medical insurance fund: used to pay the medical expenses incurred by the insured in case of illness or injury, so as to reduce the burden of personal medical expenses.

3. Work-related injury insurance fund: used to pay the medical expenses, living allowance and disability allowance of workers with work-related injuries, and help them to recover and return to work as soon as possible.

4. Unemployment insurance fund: it is used to provide living allowance, vocational training and employment services for the unemployed, and help them tide over the difficulties and realize re-employment as soon as possible.

5. Maternity insurance fund: used to pay the living allowance and medical expenses of female employees during pregnancy, childbirth and breastfeeding, and to ensure the basic life and physical health of female employees.

The payment and management of social security funds are usually the responsibility of specialized agencies set up by the government, such as social security bureau and medical insurance bureau. Enterprises and individuals need to pay social security funds in full and on time in accordance with the regulations to ensure that they can get corresponding protection when needed. Social security funds also have strict regulations on investment management. It is generally required to invest in stable, low-risk and long-term income assets to ensure the safety and appreciation of funds.