Social Security automatically deducted from bank card

Social security card can be used as a bank card, provided that the financial function of the social security card is opened and there are enough funds in the financial account. The Ministry of Human Resources and Social Security of the People's Republic of China*** and the State of China has issued a Circular on Loading Financial Functions on Social Security Cards. The social security card loaded with financial functions can be used as a bank card with financial functions such as cash deposit and withdrawal, money transfer and consumption, in addition to the functions of information recording, information inquiry and business handling.

Article 64 of the Social Insurance Law of the People's Republic of China includes the basic pension insurance fund, the basic medical insurance fund, the industrial injury insurance fund, the unemployment insurance fund and the maternity insurance fund. With the exception of the basic medical insurance fund and the maternity insurance fund, which are combined and accounted for in a single account, the other social insurance funds are accounted for separately according to the type of social insurance risk and are accounted for in separate accounts. The social insurance fund implements the State's unified accounting system. Social insurance funds are earmarked for specific purposes, and may not be appropriated or misappropriated by any organization or individual. The basic pension insurance fund to gradually implement national coordination, other social insurance funds to gradually implement the provincial level, the specific time and steps prescribed by the State Council.