The basic pension consists of overall pension and individual account pension, and the old-age insurance is actually the total amount paid by units and individuals.

The total proportion of employees in an enterprise paying endowment insurance is about 28%. Among these 28%, enterprises need to bear 2% of the contributions and enter the overall account, while individuals need to bear 8% of the contributions and enter the personal account pension.

The actual pooling account and personal account are the pensions to be received in the future. This is the reason for the difference between unit retirement and individual pension insurance.

article 11 of the social insurance law of the people's Republic of China: the basic old-age insurance combines social pooling with individual accounts. The basic old-age insurance fund consists of employer and individual contributions and government subsidies.

article 12 an employer shall pay the basic old-age insurance premium in proportion to the total wages of its employees as stipulated by the state and record it in the basic old-age insurance pooling fund.

employees should pay the basic old-age insurance premium according to the proportion of their salary stipulated by the state and record it in their personal accounts.

Article 15 A basic pension consists of an overall pension and a personal account pension.

The basic pension is determined according to the accumulated years of individual contributions, contributions wages, average wages of local employees, personal account amount, average life expectancy of urban population and other factors.