Will the rich buy social security?

Individuals can also participate in employee social security as flexible employees, which is another kind of social security for urban and rural residents. Employees who participate in social security as flexible employees can generally only pay three kinds of insurance: endowment insurance, medical insurance and unemployment insurance, and cannot pay separately. They must pay in the place where they are registered, and they can participate in social security through talent service centers or employment introduction service centers. Direct participation in social security for urban and rural residents, including endowment insurance for urban and rural residents and medical insurance for urban and rural residents, can be paid separately. To participate in the old-age insurance for urban and rural residents, as long as they have reached the age of 16 and have not participated in the social security for employees, they can participate in the old-age insurance for urban and rural residents at their domicile.

Legal objectivity:

Article 64 of the full text of People's Republic of China (PRC) Social Insurance Law: Social insurance funds include basic old-age insurance funds, basic medical insurance funds, industrial injury insurance funds, unemployment insurance funds and maternity insurance funds. In addition to the basic medical insurance fund and maternity insurance fund combined accounting, other social insurance funds are accounted for separately according to social insurance types. Social insurance funds implement a unified accounting system throughout the country. The social insurance fund is earmarked for special purposes, and no organization or individual may occupy or misappropriate it. The basic old-age insurance fund will gradually implement national overall planning, and other social insurance funds will gradually implement provincial overall planning. The specific time and steps shall be stipulated by the State Council.