What does it mean to pay only social security?

The meaning of only paying social security is as follows:

Social insurance is a system established by the state, which aims to ensure the basic life safety of employees in pension, unemployment, medical care, work injury and maternity. The company shall, within 30 days after hiring employees, set up housing provident fund accounts for employees and handle deposit registration. It is against the regulations that the company only pays social insurance premiums and does not pay housing accumulation fund, which may affect the rights and interests of employees in housing loans and renting houses.

Types of social security:

1, old-age insurance: providing basic living security after retirement;

2. Medical insurance: used to reduce the economic burden of seeking medical treatment due to illness;

3. Unemployment insurance: provide some financial help when unemployed;

4. Work-related injury insurance: providing medical expenses and living allowances for work-related accidents;

5. Maternity insurance: give certain economic subsidies to female employees for maternity.

To sum up, the company only pays social insurance and does not set up a housing provident fund account, which violates state regulations, not only deprives employees of basic living security such as pension, unemployment, medical care, work injury and maternity, but also may damage employees' rights and interests in obtaining housing loans and renting houses.

Legal basis:

People's Republic of China (PRC) social insurance law

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The state establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance, so as to guarantee citizens' right to get material help from the state and society in accordance with the law when they are old, sick, injured, unemployed and have children.