Present situation of social endowment insurance

Endowment insurance, also known as endowment insurance, is an important part of the social security system and one of the five most important social insurances. The so-called endowment insurance (or endowment insurance system) is a social insurance system established by the state and society according to certain laws and regulations to solve the basic life of workers who reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age.

The full name of pension fund is endowment insurance fund.

It is an important part of the social security system in China, also known as the old-age insurance system. As far as the present situation of China's endowment insurance system is concerned, it is a social system that provides basic living security for workers who are old and weak and lose their ability to work. Those who reach retirement age can enjoy pension benefits after going through the retirement examination and approval procedures.

The endowment insurance fund is shared by the state, enterprises and employees, and raised and managed by the social insurance center. Enterprises pay 20% of the total wages, and workers pay 8% of the total wages in the previous year. There is no specific amount for the so-called state to bear this part, but it is only reflected in the tax, and the 28% paid is not taxed.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.