What kind of insurance does social security cover?

Social insurance is an important system set up by the state to protect the rights and interests of workers, and it covers five types of insurance programs: pension insurance, medical insurance, unemployment insurance, work injury insurance and maternity insurance. Among them, pension insurance and medical insurance are borne by both individuals and organizations***, while unemployment insurance, work injury insurance and maternity insurance are mainly the responsibility of organizations. For individuals, the scope of coverage is usually limited to the two basic guarantees of pension insurance and medical insurance.

According to Article 64 of the Social Insurance Law, the social insurance fund consists of the basic pension insurance fund, the basic medical insurance fund, the industrial injury insurance fund, the unemployment insurance fund and the maternity insurance fund. These funds maintain separate accounts and follow a uniform accounting system to ensure that the funds are earmarked for specific purposes, and that no organization or individual may illegally appropriate or misappropriate them. The pension insurance fund is gradually realizing national co-ordination, while other social insurance funds will be promoted in accordance with the principle of provincial co-ordination, with specific implementation steps to be decided by the State Council.

Overall, social security is an important protection for workers when they encounter specific life risks, which ensures financial support in case of retirement, illness, unemployment, work injuries and childbirth, and is an important part of building a social safety net.