What does it mean to pay five insurances and one gold in full?

The significance of paying five insurances and one gold in full is as follows:

Paying five insurances and one gold in full means that the employer pays five social insurance premiums, namely, endowment insurance, medical insurance, unemployment insurance, work injury insurance, maternity insurance and housing accumulation fund, for employees according to the actual salary base. This is a compulsory social security measure stipulated by the laws of China, aiming at providing basic living security and welfare for employees. Among them, the social insurance fund determines the source of funds according to different types of insurance, and gradually implements social pooling. Employers and workers must participate in social insurance according to law and pay corresponding social insurance premiums in accordance with regulations. Such a system helps to ensure the basic needs of employees in pension, medical care, unemployment, work injury and maternity, and at the same time helps employees solve housing problems through housing provident fund.

Composition of five insurances and one gold:

1. Old-age insurance: providing basic living security for employees after retirement;

2. Medical insurance: medical expenses subsidies for employees and their families;

3. Unemployment insurance: provide certain financial assistance to employees when they are unemployed;

4. Work-related injury insurance: providing medical and economic compensation for employees who suffer from work-related injuries or occupational diseases;

5. Maternity insurance: give some financial subsidies to female employees for childbirth;

6. Housing accumulation fund: designed to help employees solve housing problems, paid by employees and units.

To sum up, paying five insurances and one gold in full is a compulsory social security measure in China. Employers are required to pay pension, medical care, unemployment, work-related injury, maternity insurance and housing provident fund in full according to the salary base of employees, so as to ensure that employees are guaranteed in many basic areas of life, and this goal can be achieved through social pooling mechanism and legal proportional payment, thus providing necessary welfare support for employees in pension, medical care, unemployment and other situations.

Legal basis:

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

Article 4

Employers and individuals in People's Republic of China (PRC) pay social insurance premiums according to law, and have the right to inquire about payment records and personal rights records, and require social insurance agencies to provide social insurance consultation and other related services. Individuals enjoy social insurance benefits according to law and have the right to supervise the payment of their own units. Second, when will the five insurances be paid? Generally, the five insurances should be paid within 30 days from the date of establishing labor relations between workers and employers. According to the law, the employer shall register social insurance for employees within 30 days from the date of employment. If the social insurance has not been registered, the social insurance agency shall verify the social insurance premium it should pay. Employees-free individual industrial and commercial households who voluntarily participate in social insurance, part-time employees who do not participate in social insurance in the employing unit and other flexible employees shall apply to the social insurance agency for social insurance registration. The state establishes a national unified personal social security number. Personal social security number is a citizen's identity number.