What does 60% old-age insurance mean?

Legal analysis: individuals who pay endowment insurance independently can choose different grades to pay. 60% to 300% of the average social wage. The average social wage will be announced by the local bureau of human resources and social security every year. Buying 60% means paying at the lowest price. The payment base of endowment insurance for flexible employees can be divided into five grades according to the local average salary in the previous year. Flexible employees can choose one of the payment bases and then pay according to the payment ratio. The first gear: 60% of the average social security salary; The second gear: 70% of the average social security salary; The third gear: 80% of the average social security salary; The fourth gear: 90% of the average social security salary; The fifth gear: average social security salary 100%. The above five files are the payment base of endowment insurance for flexible employees. After choosing the first gear, you can pay 20% of the old-age insurance premium, of which 8% is deposited in your personal account. Medical insurance contribution rate 12%.

Legal basis: According to Article 15 of the Social Insurance Law of People's Republic of China (PRC), endowment insurance consists of overall pension and individual account pension. The basic pension is determined according to factors such as individual cumulative payment years, payment wages, average salary of local employees, personal account amount, average life expectancy of urban population, etc.