What does the total social security payment mean?

Legal analysis: Total wages refer to the total amount of labor remuneration paid directly by each unit to all employees of the unit within a certain period of time. 1, the total salary consists of six parts: hourly salary; Piece rate; Bonus; Allowances and subsidies; Overtime pay; Wages paid under special circumstances, etc. 2. Calculation caliber of total wages: the labor remuneration paid by each unit to employees and other wages paid in accordance with relevant regulations, regardless of whether they are included in the cost, whether they are included in the bonus tax items or not, should be included in the calculation scope of total wages.

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

Article 12 The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of 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.

Fifteenth basic pension consists of overall pension and individual account pension. The basic pension is determined according to factors such as individual cumulative payment years, payment wages, average salary of local employees, personal account amount, average life expectancy of urban population, etc.