What are the conditions for social security buyout?

Social security buyout requires the following conditions:

1, eligible age: female 60 years old, male 65 years old;

2. Employees of state-owned units: special employees of retired employees of state-owned enterprises and institutions;

3. Special people: If they are rural educated youth or ex-servicemen, they can consider a one-time buyout as appropriate.

Information required for social security buyout:

1, ID card (copy and original);

2, household registration book (copy of the original inspection);

3, social security card (copy of the original inspection);

4. Bank passbook or debit card (one for Bank of China, Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank, with a copy of the original);

5. If the applicant has the payment period, it is required to provide personnel files (copy of the original inspection).

Social security buyout process:

1. Go to the collection window of the social security agency to collect and fill in the registration form for applying for individual social insurance;

2. Attach processing materials;

3. Go to the individual payment window of the social security agency to collect it.

To sum up, the unit will force employees to buy out social security at one time and transfer the funds to employees at one time, which is actually to terminate the labor contract with employees and turn the employment crisis of employees into society.

Legal basis:

Article 57 of People's Republic of China (PRC) Social Insurance Law

The employing unit shall, within 30 days from the date of its establishment, apply to the local social insurance agency for social insurance registration with its business license, registration certificate or unit seal. The social insurance agency shall, within fifteen days from the date of receiving the application, examine and issue the social insurance registration certificate.

Where the social insurance registration items of the employing unit are changed or the employing unit is terminated according to law, it shall, within 30 days from the date of change or termination, go to the social insurance agency to handle the change or cancellation of social insurance registration.

The market supervision and management department, the civil affairs department and the organization management organ shall promptly inform the social insurance agency of the establishment and termination of the employing unit, and the public security organ shall promptly inform the social insurance agency of the birth, death, household registration, migration and cancellation of the individual.