What does the social security fund account mean?

The social security fund account refers to the account managed by the government or social organizations for managing social insurance funds. Social insurance fund is a fund formed by insurance premiums paid by individuals and units, which is used to pay social insurance premiums such as endowment insurance, medical insurance and unemployment insurance. Social security fund accounts are usually managed by social insurance institutions or financial institutions such as banks. In the social security fund account, the insurance premiums paid by individuals and units deduct a certain percentage of management fees, and the rest are deposited in the fund account to pay social insurance premiums. The establishment and management of social security fund accounts will help to protect the social insurance rights and interests of the insured, improve the level of social security and promote social harmony and stability.