Is the old-age insurance the same all over the country?

Endowment insurance is different all over the country.

The local policy of social endowment insurance is relatively strong, and the endowment insurance policies in different places will be different. Old-age insurance, the full name of social basic old-age insurance, is a social insurance system established by the state and society according to certain laws and regulations to solve the basic livelihood of workers after they reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age. Endowment insurance is an important part of social security system and one of the five most important social insurances. The purpose of endowment insurance is to protect the basic needs of the elderly and provide them with a stable and reliable source of life.

Endowment insurance is a social insurance system established by the state in accordance with relevant laws and regulations to ensure that workers reach the working age limit stipulated by the state, terminate their labor obligations or retire from their jobs because of old age. The purpose is to ensure the basic needs of the elderly through social insurance and provide them with a stable and reliable source of life.

Old-age insurance will take effect automatically after the elderly within the legal scope completely or basically withdraw from social labor life. The so-called completeness is manifested in the separation of workers and means of production; The so-called basic means that participation in production activities has not become the main content of social life. The legal age limit is a practical measure. Endowment insurance consists of four levels (or parts). The first level is basic old-age insurance, the second level is enterprise supplementary old-age insurance, the third level is personal savings old-age insurance, and the fourth level is commercial old-age insurance. In this multi-level old-age insurance system, the basic old-age insurance is the first and highest level.

People's Republic of China (PRC) Social Insurance Law Article 2 The state establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance to protect citizens' right to receive material assistance from the state and society in accordance with the law in case of old age, illness, industrial injury, unemployment and health.