What is the difference between the old-age insurance paid by the company and that paid by itself?

Endowment insurance paid by me and paid by the unit mainly includes the following points:

1. Different types of insurable insurance: the endowment insurance paid by the company for employees is urban employee endowment insurance, and the social security paid by the company can choose to participate in urban employee endowment insurance as flexible employment or urban and rural residents;

2. The insured groups are different: the groups for which the unit pays the endowment insurance for urban employees are mainly employees with work units, and flexible employees who have no stable work units in the local household registration but pay social security for urban and rural residents, so the main groups are unemployed people;

3. Different payment standards: the unit pays the endowment insurance, and the premium is paid by both the unit and the employee. The unit pays 16% and the individual pays 8%. If he participates in the endowment insurance for urban workers as a flexible employee, the contribution ratio is 20%, and this 20% contribution needs to be borne by himself, of which 12% goes into the overall account. If you choose the old-age insurance for urban and rural residents, the premium will be paid annually, and the payment will be divided into multiple grades. The insured person can freely choose the payment grade according to his own situation;

4. The legal retirement age is different: if you pay your own pension insurance, if you are a flexible employee, then men will retire at 60, and women will generally retire at 55. In some areas, women who have flexible employment retire at the age of 50, and their units pay endowment insurance; men retire at the age of 60, female employees retire at the age of 50, and female cadres retire at the age of 55; If urban and rural residents' old-age insurance is paid, then both men and women will retire at the age of 60.

5. The calculation method of pension is different: if you participate in the pension insurance as a flexible employee, the calculation method of pension is the same as that paid by the company, but if you participate in the pension insurance for urban and rural residents, the calculation method of pension is different.

The reasons for the difference between self-payment and company payment of endowment insurance are as follows:

1, different types of payment: the old-age insurance paid by oneself is generally urban and rural residents' old-age insurance, flexible employment old-age insurance or commercial old-age insurance; The old-age insurance paid by the company is generally the basic old-age insurance for urban employees, and some companies will also pay supplementary old-age insurance for employees;

2, the payment method is different: paying the old-age insurance by yourself generally requires you to bear the premium yourself; The endowment insurance for urban employees paid by the company shall be jointly borne by the employer and the employees.

3. Different payment quotas: for example, the endowment insurance for urban and rural residents is chosen by the insured and the premium is paid; The endowment insurance for urban workers refers to the social wages of local employees on the job, and on this basis, the employer and employees bear a certain proportion of the contributions, with the general unit bearing 16% and the employees bearing 8%;

4. Different pension accounts: for example, there are only personal accounts for urban and rural residents' pension insurance; The endowment insurance for urban workers has individual accounts and overall accounts;

5, mandatory is not the same: the pension insurance you pay is not mandatory, you can pay it or not; The endowment insurance for urban workers paid by the company is compulsory, and the company must buy it for employees.

What is individual endowment insurance?

Personal endowment insurance is a kind of personal insurance for urban and rural residents. All urban and rural residents who are 16 years old, healthy and have the ability to work or work normally can apply to the insurance company for insurance.

To sum up, the differences between the old-age insurance paid by the company and the old-age insurance paid by itself are: the types of insurance can be different; The insured population is different; Different payment standards; Different legal retirement ages; Pension calculation methods are different.

Legal basis:

Article 10 of People's Republic of China (PRC) Social Insurance Law

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.

Article 12

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.