1. The meaning of personal account Personal account is a pension insurance system arrangement with a savings accumulation nature.

In this system, through compulsory or voluntary contributions, funds are accumulated in an account established for each person and clearly recorded, and can only be withdrawn by the insured person when specified events occur.

Personal accounts, also called personal fund accounts, are an important part of the combined account model implemented in my country's basic pension insurance system.

This account is established by social insurance institutions at all levels according to the national identity number issued by the state for each employee participating in the basic pension insurance. A personal account that remains unchanged for life.

According to my country's latest regulations, personal accounts have the following three levels of meaning.

(1) The funds in personal accounts are subject to mandatory personal savings payment and accumulation.

(2) This personal account is exclusive to the individual and does not have the function of social mutual aid. When the employee is in office, the fund management adopts a completely accumulated method, and pensions are paid monthly after retirement.

(3) The payment of basic pension personal accounts is a contribution-limited type, which is closely related to the employee’s contribution to the social insurance fund and the amount of salary while on the job.