Is it cost-effective for individuals to pay social security or not?

People who do not have a unit, or self-employed businessmen, freelancers can pay flexible employment pension insurance. Whether or not it's cost-effective for an individual to pay for social security depends on the length of their lifespan. Compared with urban workers' pension insurance, it is not cost-effective for individuals to pay social security. Flexible Employee Pension Insurance refers to an insurance policy where a category of people who have no regular job, are unemployed or re-employed belong to the flexible employment category. For the pension security of this category of people, the state promulgated and implemented the flexible employment personnel pension insurance policy.

Legal Basis

Article 64 of the Full Text of the Social Insurance Law of the People's Republic of China*** and the State of China states that the social insurance fund consists of the basic old-age pension insurance fund, the basic medical insurance fund, the industrial injury insurance fund, the unemployment insurance fund and the maternity insurance fund. With the exception of the basic medical insurance fund and the maternity insurance fund, which are combined and accounted for in a single account, the other social insurance funds are accounted for separately according to the type of social insurance risk and are accounted for in separate accounts. The social insurance fund implements the State's unified accounting system. Social insurance funds are earmarked for specific purposes, and may not be appropriated or misappropriated by any organization or individual. The basic old-age insurance fund to gradually implement the national coordination, other social insurance funds to gradually implement the provincial coordination of the wild cover, the specific time and steps stipulated by the State Council.

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