The basic old-age insurance is a kind of social security. 1, the national basic old-age insurance is a compulsory old-age insurance system to ensure the basic needs of retirees according to the provisions of national laws, regulations and policies. The source of endowment insurance expenses is generally shared by the state, units and individuals, or by units and individuals to achieve extensive social mutual assistance. Basic old-age insurance is one of the most important types of insurance in the social insurance system. 2. Social insurance refers to a non-profit social security system with income redistribution function, aiming at preventing and forcing most members of society to participate. The main items of social insurance include endowment insurance, medical insurance, unemployment insurance, industrial injury insurance and maternity insurance.

Legal objectivity:

People's Republic of China (PRC) social insurance law

second

The state establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance, so as to guarantee citizens' right to receive material assistance from the state and society in accordance with the law when they are old, sick, injured, unemployed and have children.

People's Republic of China (PRC) social insurance law

Article 16

Individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have paid a total of fifteen years when they reach the statutory retirement age. Individuals who participate in the basic old-age insurance and pay less than fifteen years when they reach the statutory retirement age can pay for fifteen years and receive the basic pension on a monthly basis;

Can also be transferred to the new rural social endowment insurance or urban residents' social endowment insurance, enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council.