Social endowment insurance policy

Social endowment insurance, the full name of social endowment insurance, consists of basic pension paid by social pooling fund and personal account pension. It is an important part of the social security system and one of the five most important social insurances.

Endowment insurance is legislated and enforced by the state, and all enterprises, units and individuals must participate. Those who meet the conditions for providing for the aged can go to the social insurance department to receive a pension.

The source of endowment insurance expenses is generally shared by the state, units and individuals, or by units and individuals to achieve extensive social mutual assistance.

The purpose of social endowment insurance is to ensure the basic needs of the elderly and provide them with a stable and reliable source of life.

The basic old-age insurance fund consists of employers, individual contributions and government subsidies.

The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of its employees stipulated by the state, and record it in the basic old-age insurance pooling fund. Employees shall pay the basic old-age insurance premium in accordance with the proportion of wages stipulated by the state and record it in their personal accounts.

The contribution ratio of employees' basic old-age insurance is: the contribution rate of enterprises in all regions of the country is reduced to 16%, 8% is borne by employees, and 8% paid by individuals is transferred to personal accounts.

Unit payment: the employer pays the basic old-age insurance premium according to the proportion of the total wages of its employees stipulated by the state and records it in the basic old-age insurance pooling fund. Generally speaking, the proportion of enterprise contributions shall not exceed 20% of the total wages of enterprises, and the specific proportion shall be determined by the governments of provinces, autonomous regions and municipalities directly under the Central Government. A few provinces, autonomous regions and municipalities directly under the Central Government have a large number of retirees and a heavy burden of old-age insurance. If it is really necessary to exceed 20% of the total wages of enterprises, it must be reported to Ministry of Human Resources and Social Security and the Ministry of Finance for approval.

Personal contribution: the personal contribution is 8% of my contribution salary, in which the contribution salary is also called the contribution salary base, which is generally the average monthly salary of employees in the previous year (in areas where conditions permit, my salary income in the previous month can also be used as the personal contribution salary base). The average monthly salary is calculated according to the items listed in the statistics of total wages stipulated by the National Bureau of Statistics, including wages, bonuses, allowances, subsidies and other income, excluding social insurance premiums, labor protection fees, welfare fees, one-time compensation paid by employers and employees when they terminate their labor relations, family planning fees and other expenses that do not belong to wages.

The human resources and social security departments of all provinces and cities will check the upper and lower limits of the social security contribution base every year.

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