Pension, also known as pension and retirement fee, is the most important pension insurance treatment. After the worker is old or incapacitated, according to his contribution to the society and his eligibility for old-age insurance or retirement conditions, he will pay the insurance benefits in the form of money on a monthly or lump sum basis to ensure the basic needs of the worker after retirement. Workers who have paid 15 years at the statutory retirement age will receive a monthly pension.

2. Enterprise annuity

Enterprise annuity refers to the supplementary old-age insurance system voluntarily established by enterprises and their employees on the basis of participating in basic old-age insurance according to law. The expenses required for the enterprise annuity shall be paid jointly by the enterprise and individual employees, and the fund shall be fully accumulated, and a personal account shall be established for each employee who participates in the enterprise annuity. The annual contributions of enterprises shall not exceed 8% of the total wages of employees, and the total contributions of enterprises and employees shall not exceed 12% of the total wages of employees. The specific expenses shall be determined through consultation between the enterprise and the employees.

3. Occupational annuity

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. The expenses required for occupational annuity shall be borne by the unit and individual employees. The proportion of occupational annuity paid by the unit is 8% of the total wages of the unit, and the proportion of individual contribution is 4% of the wages paid by the unit, which is withheld and remitted by the unit. The payment base of units and individuals is consistent with the payment base of basic old-age insurance for staff of government agencies and institutions.

4. Personal savings endowment insurance

Personal savings endowment insurance is an integral part of China's multi-level endowment insurance system, and it is a supplementary insurance form for employees to participate voluntarily and choose their own agencies. Individual workers pay personal savings endowment insurance premiums according to their salary income, and deposit them in the personal accounts of endowment insurance opened by local social insurance institutions in the relevant banks, and bear interest at a rate not lower than or higher than that of urban and rural residents' savings deposits in the same period, and encourage individual workers to participate in savings endowment insurance. The interest earned is credited to personal accounts, and the principal and interest belong to individual workers.

5. Commercial endowment insurance

Commercial endowment insurance is a kind of commercial insurance with human life or body as the insurance object. When the insured retires in old age or the insurance period expires, the insurance company will pay the pension according to the contract. At present, annuity insurance, endowment insurance, term insurance and life insurance in commercial insurance can all achieve the purpose of providing for the aged, and they all belong to the category of commercial endowment insurance. Commercial endowment insurance can also be used as a means of compulsory savings to help young people plan ahead and avoid excessive consumption when they are young.