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Is endowment insurance and social security a card?
Endowment insurance is a social insurance system established by the state in accordance with relevant laws and regulations to ensure that workers reach the working age limit stipulated by the state, terminate their labor obligations or retire from their jobs because of old age. The purpose is to ensure the basic needs of the elderly through social insurance and provide them with a stable and reliable source of life.
People's Republic of China (PRC) social insurance law
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The state establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance, so as to guarantee citizens' right to receive material assistance from the state and society in accordance with the law when they are old, sick, injured, unemployed and have children. Article 26
The basic medical insurance for employees, the new rural cooperative medical system and the basic medical insurance for urban residents shall be implemented in accordance with state regulations.
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