What does it mean to reduce social insurance?

Reducing social insurance refers to reducing the social security rate standard or social security fee collection rate under the premise of ensuring citizens' basic social security, so as to reduce the burden on enterprises and individuals. The policy of reducing social security is generally implemented by the government, aiming at reducing the burden of social security and promoting employment and social development.

Reducing social insurance will help enterprises and individuals reduce their burdens, which will provide enterprises with more subsidies and more opportunities to develop their own business; It can also reduce the personal burden to a certain extent. However, reducing social insurance also has its disadvantages. If the social security expenses are reduced, the impact brought by the reduction of fiscal revenue and the affordability of the social security system will be affected. If the social security expenses are reduced too much, it may lead to the instability of the social security system in the future.

At present, some countries have implemented social insurance burden reduction policies, such as the United States, Britain and Singapore. China has also successively introduced policies such as reducing the social security rate of enterprises and delaying the payment of social security fees, so as to reduce the social security burden of enterprises and promote employment and economic development. For individuals, the reduction of social security costs has also played a certain role in promoting economic development.