Is the basic pension a pension?

Pension, also known as pension and retirement fee, is the most important social pension insurance treatment. That is to say, according to the relevant national documents, workers will be paid monthly or once in cash according to their contributions to society and their qualifications for enjoying old-age insurance or retirement conditions.

Is the need to benefit the society, mainly used to protect the basic needs of employees after retirement. Pensions are accumulated and operated in accordance with the principle of common accumulation by the state, the collective and the individual. When people are in their prime of life, part of the wealth created is invested in pension plans to ensure a sense of security in their later years.

That is, the provisions of relevant national documents. After a worker is old or incapacitated, according to his contribution to the society and his eligibility for old-age insurance or retirement conditions, the monthly or lump-sum insurance benefits are mainly used to protect the basic needs of employees after retirement. Basic pension consists of basic pension, personal account pension and transitional pension, that is, basic pension is equal to basic pension plus personal account pension plus transitional pension. Among them, because China's old-age insurance system was gradually established in the 1990s, as a transitional arrangement, the transitional pension is not enjoyed by everyone.

Legal basis:

Article 15 of the Social Insurance Law 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.

Article 16 of the Social Insurance Law: Individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis when they reach the statutory retirement age and have accumulated contributions for fifteen years. Individuals who participate in the basic old-age insurance and pay less than fifteen years when they reach the statutory retirement age can pay for fifteen years and receive the basic pension on a monthly basis; Can also be transferred to the new rural social endowment insurance or urban residents' social endowment insurance, enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council.