Should withholding interest from social security accounts be turned over to the state treasury?

Yes Social security funds shall be paid into the state treasury. On March 27th, 20 12, according to the Notice on Strengthening and Standardizing the Management of Financial Accounts of Social Security Funds, it was clarified that only one social security account can be opened in the same commercial bank, and all financial accounts managed by relevant financial departments must be transferred to the financial treasury department for unified management. Withholding and paying social security means that the employer deducts the social insurance premiums payable from the wage income of workers on a monthly basis according to law and pays them to the social insurance premium collection agency on their behalf.