Is personal pension the same as social security?

Personal pension is different from social security.

Social security refers to the social insurance paid by the unit for employees, including endowment insurance, medical insurance, unemployment insurance, maternity insurance and industrial injury insurance. Social security must be paid. If the unit does not pay employees, employees can complain to the Labor Bureau, and the unit will be punished to a certain extent.

Personal pension is a newly implemented system. Refers to the system that participates in the basic old-age insurance for urban workers or urban and rural residents and can participate in individual old-age insurance. The cost of personal pension needs to be borne by individuals and accumulated completely. The money paid by establishing a personal pension account through the relevant service platform will enter the pension account and enjoy certain retirement benefits in the future.

The collection process of endowment insurance money is as follows:

1. The parties concerned shall apply to the administrative village or township enterprise or institution where the household registration is located for collection procedures;

2, the parties to carry a residence booklet or ID card, proof of payment of rural old-age insurance, fill in the application form;

3. If the local labor and social security bureau passes the examination, it will get a pension.

The conditions for receiving old-age insurance are as follows:

1, over 60 years of age, not enjoying the basic old-age insurance benefits for urban enterprise employees, and meeting one of the following conditions, the insured can apply for a pension;

2. For the insured who has reached the age of 15 at the time of receiving the pension, the accumulated payment shall not be less than 15 years;

3. For the insured who are under 15 years of age when receiving the pension, the cumulative payment period shall not be less than the period when these Measures are implemented;

4. The insured who has reached the age of 60 and chooses to pay for insurance can pay the payable amount 15 in one lump sum and receive a monthly pension. The insured person who chooses not to pay the fee and whose children meet the insurance conditions and have paid the fee can receive the basic pension on a monthly basis.

To sum up, in order to protect the rights and interests of individual old-age insurance, it is suggested that rural residents pay the old-age insurance premium in full and on time within the specified time to avoid the influence of late payment or underpayment on the collection of old-age insurance benefits.

Legal basis:

Article 21 of People's Republic of China (PRC) Social Insurance Law

The treatment of new rural social endowment insurance consists of basic pension and personal account pension.

Rural residents who participate in the new rural social endowment insurance meet the conditions stipulated by the state and receive the benefits of the new rural social endowment insurance on a monthly basis.