Is the endowment insurance for urban and rural residents the same as social security?

First, the coverage is different.

The endowment insurance for urban and rural residents is mainly aimed at urban and rural residents, especially those who have not participated in the basic endowment insurance for employees. Its main purpose is to provide basic old-age security for these people and ensure that they can have a certain source of income after reaching the statutory retirement age.

Social security, that is, social insurance, includes five types of insurance: endowment insurance, medical insurance, unemployment insurance, industrial injury insurance and maternity insurance. It covers a wider range of people, including workers, urban and rural residents and so on. The purpose of social security is to provide the insured with all-round social security, including medical care, pension, unemployment and other aspects of risk protection.

Second, the payment methods are different.

The payment method of endowment insurance for urban and rural residents is relatively simple, generally paid annually, and the payment standard is relatively low, which is suitable for the economic affordability of urban and rural residents.

The payment method of social security is more complicated, generally in the form of monthly payment, and the payment standard is determined according to the salary income of the insured person and other factors. In addition, the payment of social security also includes two parts: individuals and units, and units need to bear certain payment responsibilities.

Third, the treatment is different.

The treatment of urban and rural residents' old-age insurance is relatively simple, mainly because the insured person pays the pension according to certain standards after reaching the legal retirement age.

Social security benefits are more abundant, including medical reimbursement, maternity allowance, industrial injury compensation and many other aspects. In addition, the treatment level of social security is also related to the payment and working years of the insured.

To sum up:

Although the old-age insurance and social security for urban and rural residents are both important components of the social security system, there are obvious differences in the scope of protection, payment methods and treatment enjoyment. Therefore, when choosing the insurance method, you should choose according to your actual situation and needs.

Legal basis:

People's Republic of China (PRC) social insurance law

Article 10 stipulates:

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.

Article 12 stipulates:

The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of its employees stipulated by the state, and record it in the basic old-age insurance pooling fund.

Employees shall pay the basic old-age insurance premium in accordance with the proportion of wages stipulated by the state and record it in their personal accounts.

Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employing unit and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premiums in accordance with state regulations and record them in the basic old-age insurance pooling fund and individual accounts respectively.

The State Council's Opinions on Establishing a Unified Basic Endowment Insurance System for Urban and Rural Residents

Article 3 provides that:

Staff of non-state organs and institutions and urban and rural residents who have reached the age of 16 (excluding students at school) and are not included in the basic old-age insurance system for employees can participate in the old-age insurance for urban and rural residents at their domicile.