Local pensions are, the details are as follows:

1. Local pensions are an important part of the pension insurance benefits for urban and rural residents, mainly embodying fairness and universal benefit and basic protection;

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2. The central government determines the minimum standard of the national basic pension insurance for urban and rural residents, establishes a normal adjustment mechanism for the minimum standard of basic pension, and timely adjusts the minimum standard of the national basic pension based on economic development and price changes. The local people's government will appropriately increase the local basic pension standard based on the actual situation;

3. For those who have made long-term contributions and exceeded the minimum payment period (currently 15 years), an additional period of basic pension should be provided.

The types of insurance included in pension insurance are as follows:

1. Basic pension insurance for urban employees. Basic pension insurance for urban employees refers to the state’s legislation to raise funds through multiple channels and provide benefits to workers. A social insurance that provides certain economic compensation when labor income is reduced or lost after old age, so that the insured can enjoy basic living security;

2. Urban residents social pension insurance, urban residents pension insurance fund Mainly composed of personal contributions and government subsidies, it is applicable to urban residents who have not participated in the work or have not participated in the basic employee pension insurance;

3. New rural pension insurance. The insured farmers of the new rural pension insurance are eligible. Being able to enjoy pension benefits at the age of 60 is an important guarantee system for farmers to have a pension when they are old.

The functions of social security:

1. The more an individual pays, the more the employer will invest for you. The five insurances and one fund payment are based on the same base and different proportions are borne by the unit and the individual. The unit payment is about twice the individual payment.

2. The social security provident fund payment is tax-free. Not only is no personal income tax deducted when paying, nor is personal income tax deducted when receiving benefits, but also no interest tax is deducted from the special account; and if it is paid to the person as a salary, it is If personal income tax needs to be withheld, there will also be interest tax if it is deposited in a bank.

3. After paying pension insurance for the minimum number of years, you can retire and receive a monthly pension after reaching the legal retirement age. Pensions can be collected until death, and will only increase but not decrease as social living standards improve. The capital will be adjusted and increased every year, which can provide stable and reliable protection in old age.

4. You can get reimbursement from medical insurance by paying for medical insurance; if the cumulative payment of in-service contributions meets the minimum number of years, you will no longer need to continue to pay basic medical fees after retirement and can enjoy medical insurance benefits with a higher level of reimbursement than in-service reimbursement.

5. Paying maternity insurance can reimburse the cost of prenatal examination, family planning surgery and delivery surgery. Moreover, the maternity insurance premium is entirely borne by the employer.

6. By paying unemployment insurance, you can receive unemployment insurance benefits and other subsidies when you lose your job. Insurance such as unemployment insurance is policy insurance and is usually not available from commercial insurance companies.

7. By paying work-related injury insurance, you can get compensation when you encounter work-related accidents or occupational diseases. You are not afraid of 10,000 yuan, just in case, especially for some major accidents, and you don’t have to worry about small companies delaying payment of benefits. Moreover, work-related injury insurance premiums are entirely borne by the employer.

8. The payment of housing provident fund is equivalent to the employer depositing a tax-free income in the same proportion as you, which can be withdrawn for housing-related purposes. If it is not used up while working, it can also be withdrawn in one go after retirement; In addition, housing provident fund loan interest rates are lower than commercial loans.

To sum up, local pensions are an important part of the pension insurance benefits for urban and rural residents, which mainly reflect fairness and universal benefit and provide basic protection.

Legal basis:

Article 16 of the "Social Insurance Law of the People's Republic of China"

Individuals participating in basic pension insurance must reach the statutory retirement age If the accumulated contributions have been paid for fifteen years, a basic pension will be received on a monthly basis.

Individuals participating in basic pension insurance who have paid less than fifteen years of cumulative contributions when reaching the legal retirement age can pay for fifteen years and receive a basic pension on a monthly basis; they can also transfer to a new rural social pension system Insurance or social pension insurance for urban residents, and enjoy corresponding pension insurance benefits in accordance with the provisions of the State Council.