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The difference between the first, second and third retirement wages of social security.
Legal basis: Several Provisions on Implementing the Social Insurance Law of People's Republic of China (PRC).
Article 1 The overall pension stipulated in Article 15 of the Social Insurance Law shall be calculated and paid according to the basic pension calculation and payment method stipulated by the State Council.
Article 2 When an individual who participates in the basic old-age insurance for employees reaches the statutory retirement age, if the accumulated payment is less than fifteen years, the payment may be extended to fifteen years. After the implementation of the Social Insurance Law, if the payment is extended for five years but still less than fifteen years, it can be paid in one lump sum for fifteen years.
Article 3 Individuals who participate in the basic old-age insurance for employees who have paid less than 15 years after reaching the statutory retirement age (including extending the payment in accordance with Article 2) may apply for transfer to the new rural social endowment insurance or urban residents' social endowment insurance where their household registration is located, and enjoy the corresponding old-age insurance benefits.
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