The existing three basic old-age insurance systems in China are

There are three basic old-age insurance systems in China as follows:

1, basic old-age insurance for urban workers. The basic old-age insurance for urban workers refers to a kind of social insurance that the state raises funds through various channels through legislation, and gives certain economic compensation when the labor income of workers is reduced or lost in old age, so that the insured can enjoy basic living security;

2. Social endowment insurance for urban residents. The endowment insurance fund for urban residents is mainly composed of individual contributions and government subsidies, which is suitable for urban residents who have not participated in the work or the basic endowment insurance for employees;

3. New rural endowment insurance. Farmers who participate in the new rural endowment insurance can enjoy pension benefits when they reach the age of 60, which is an important guarantee system to realize farmers' old-age security. The "new rural insurance" fund consists of individual contributions, collective subsidies and government subsidies.

Legal basis: Article 10 of the Social Insurance Law of People's Republic of China (PRC).

Employees shall participate in the basic old-age insurance, and the employer and employees shall jointly pay the basic old-age insurance premium. Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employer and other flexible employees can participate in the basic old-age insurance, and individuals pay the basic old-age insurance premium. The measures for the endowment insurance of civil servants and staff managed by reference to the Civil Service Law shall be formulated by the State Council.

Article 11

The basic old-age insurance combines social pooling with individual accounts. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.