1, different definitions: occupational annuity refers to the supplementary old-age insurance system established by institutions and their staff on the basis of participating in the basic old-age insurance of institutions and institutions. Endowment insurance, also known as pension and retirement fee, is the most important social pension insurance treatment.
2. Different in nature: Endowment insurance is a kind of social security, which belongs to national compulsory insurance, and all units must purchase it for employees. Occupational annuity is a supplementary old-age security system, which is neither social insurance nor commercial insurance, but a unit welfare system. It is a security system established by institutions and their employees according to their own economic conditions, and institutions and their employees bear all risks arising from the implementation of the occupational annuity plan. Workers and units have the right to decide whether to buy or not; Pensions are accumulated and operated according to the principle of accumulation by the state, the collective and the individual. When people are in their prime of life, part of the wealth created is invested in pension plans to ensure a sense of security in their later years.
3. Different participants: Old-age insurance is applicable to most people in China, and anyone who works in a regular unit can buy old-age insurance. Occupational annuities are only applicable to employees of government agencies and institutions.
Legal basis: Article 58 of People's Republic of China (PRC) Social Insurance Law. The employing unit shall handle social insurance registration for employees within 30 days from the date of employment. If the social insurance has not been registered, the social insurance agency shall verify the social insurance premium it should pay. Employees-free individual industrial and commercial households who voluntarily participate in social insurance, part-time employees who do not participate in social insurance in the employing unit and other flexible employees shall apply to the social insurance agency for social insurance registration. The state establishes a national unified personal social security number. Personal social security number is a citizen's identity number.