Is it cost-effective to pay social security or to save money yourself?

Paying social security is more cost-effective than saving money yourself.

Social security payment methods include:

1, paid by the company. Employees who have signed a labor contract with the employer have a labor relationship with the employer, and they can pay social insurance through the employer, which will be withheld and remitted by the employer, so employees need not worry about it personally;

2. Personal handling. If individuals, freelancers and individual industrial and commercial households without work units can handle it themselves as flexible employees, the insured person needs to go through the social security registration formalities at the social security department where the household registration is located. It should be noted that individuals can only pay two major types of insurance: endowment insurance and medical insurance, but not five insurances and one gold.

Social security payment method:

1, paid by the Social Security Bureau. For locals, they can go directly to the Social Security Bureau and pay social security for urban workers or urban residents.

2. Intermediary payment. Choosing a suitable social security institution to pay is the most direct and worry-free remedy, but the amount of payment will be difficult. The expenses to be paid include not only the necessary expenses of social security, but also the service fees of social security institutions.

3. Subsequent payment. The years of pension and medical insurance can be accumulated. If you pay it off, you can only pay it back later. So, you can also choose to pay back the money at some time in the future. It is recommended to pay 15 years before retirement. Of course, if the retirement age is still below the minimum payment period, you can apply for deferred payment of old-age insurance at the place where you register. If it is a foreign household registration, you need to pay 10 years to apply for deferred payment.

Legal basis: Article 10 of the Social Insurance Law of People's Republic of China (PRC).

Employees shall participate in the basic old-age insurance, and the employer and employees shall jointly pay the basic old-age insurance premium. Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employer and other flexible employees can participate in the basic old-age insurance, and individuals pay the basic old-age insurance premium. The measures for the endowment insurance of civil servants and staff managed by reference to the Civil Service Law shall be formulated by the State Council.