1. Newly-established retirees need to bring their social security card and ID card to the card-making bank to activate the financial account function before using the social security card to issue pensions;

2. There are two accounts on the social security card, one is the personal account of medical insurance, which can only be used in designated medical institutions and cannot be used for cash withdrawal; The other is an ordinary financial account, into which retirement pension will be transferred, and cardholders can freely access it;

3. Each cooperative financial institution pays the first two inter-bank withdrawal fees for cardholders who issue pension social security cards to banks every month, and does not charge the insured. The amount of each withdrawal shall not exceed the daily withdrawal limit of ATM. At the same time, the social security cards issued by cooperative financial institutions are exempt from business expenses such as cash deposit and withdrawal and transfer in different places.

Legal basis: Article 10 of the Social Insurance Law of People's Republic of China (PRC).

Employees shall participate in the basic old-age insurance, and the employer and employees shall jointly pay the basic old-age insurance premium. Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employer and other flexible employees can participate in the basic old-age insurance, and individuals pay the basic old-age insurance premium. The measures for the endowment insurance of civil servants and staff managed by reference to the Civil Service Law shall be formulated by the State Council.

Article 11

The basic old-age insurance combines social pooling with individual accounts. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.