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What does 60% social security mean?
It means 60%, which is three times the average social wage.
According to the French Open, 60% social security refers to 60% and 3 times of the average social wage, which involves the payment base of endowment insurance. The minimum base for enterprise employees to pay endowment insurance shall not be less than 60%, and the maximum shall not be higher than 3 times the average social wage.
"People's Republic of China (PRC) Social Insurance Law" Article 18 The state establishes a normal adjustment mechanism for basic pensions. According to the average wage increase and price increase of employees, the basic old-age insurance treatment level will be improved in a timely manner.
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