What is the reason why the company announced that it would stop paying social security?

If the company suspends the payment of social insurance, employees can report to the social insurance fee collection agency, which will order them to pay within a time limit, with a daily surcharge of 0.5% from the date of default. If the employee fails to pay social insurance premiums according to law, the employee may unilaterally terminate the labor contract and ask the employer to pay economic compensation.

Legal objectivity:

Article 84 of the Social Insurance Law of People's Republic of China (PRC) stipulates that if the employer fails to register for social insurance, the social insurance administrative department shall order it to make corrections within a time limit; If no correction is made within the time limit, the employer shall be fined between one and three times the amount of social insurance premiums payable, and the directly responsible person in charge and other directly responsible personnel shall be fined between 500 yuan and 3,000 yuan. Article 86 of the Social Insurance Law of People's Republic of China (PRC) stipulates that if the employer fails to pay the social insurance premium in full and on time, the social insurance premium collection agency shall order it to pay or make up within a time limit, and from the date of default, an overdue fine of five ten thousandths shall be charged on a daily basis; Failing to pay within the time limit, the relevant administrative departments shall impose a fine of more than one time and less than three times the amount owed.