Zhanjiang social security minimum contribution base

Pension insurance is a social insurance system in which workers receive certain financial compensation material help and services from the government and society after they retire at the legal retirement age.

State-owned enterprises, collective enterprises, foreign-invested enterprises, private enterprises and other urban enterprises and their employees, and institutions under enterprise management and their employees must participate in basic pension insurance.

The contribution rate for the new participating units (referring to all types of enterprises) is set at 10%, and the contribution rate for individuals is set at 8%, while individual industrial and commercial enterprises and their employees, flexibly employed persons and other types of persons participating in the insurance in the form of an individual are subject to differential rates according to the number of years they have been contributing. Individual workers who participate in basic pension insurance can contribute as much or as little as they wish within the prescribed limits, and the more they pay, the more they benefit. Employees receiving monthly pensions must have reached the legal retirement age and have gone through retirement procedures; their units and individuals have participated in pension insurance and fulfilled the obligation to contribute to pension insurance in accordance with the law; and have made individual contributions for at least 15 years.

Currently, the statutory retirement age for enterprise workers in China is 60 for male workers; 55 for female cadres engaged in management and scientific research, and 50 for female workers. The basic pension consists of a basic pension and a personal account pension. If an employee reaches the statutory retirement age and has made personal contributions for 15 years, the monthly standard of the basic pension is 20% of the average monthly salary of the employees in the previous year in the province (autonomous region, municipality directly under the central government) or city (prefecture). Individual account pension paid by the individual account fund, the monthly payment standard according to my account storage amount divided by 120. individual account fund is exhausted, by the social fund to pay

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