Legal subjectivity:

Pension insurance is an important part of the social security system and one of the most important of the five major types of social insurance. The so-called pension insurance (or pension insurance system) is a basic insurance policy provided by the state and society in accordance with certain laws and regulations to solve the basic problems for workers after they reach the working age limit set by the state for the release of labor obligations, or after they have lost their ability to work due to old age. A social insurance system established for life. Basic pension consists of basic pension and personal account pension. If an employee reaches the legal retirement age and has made personal contributions for 15 years, the monthly basic pension standard is 20% of the average monthly salary of employees in the province (autonomous region, municipality) or city (prefecture) in the previous year, and a certain percentage will be increased for each full year of subsequent contributions. The overall level of basic pension is controlled at about 30%; if the individual has paid less than 15 years, the basic pension will not be paid, and the entire savings in the personal account will be paid to the individual in one go. The basic pension is paid from the social pooling fund; the personal account pension is paid from the personal account fund, and the monthly payment standard is the amount saved in the personal account divided by 120. After the personal account fund is used up, it will be paid from the social pooling fund. Those who have retired will receive pensions in accordance with the original regulations of the state. Those who worked before the national enterprise employee basic pension insurance system was unified in 1997 will receive a transitional pension in addition to the basic pension and personal account pension after retirement. After the death of a basic pension recipient, his or her surviving family members will receive funeral subsidies in accordance with relevant national regulations, and the funeral subsidies will be paid by the basic pension insurance social co-ordination fund. The Ministry of Labor and Social Security and the Ministry of Finance shall refer to the cost of living price index of urban residents and the wage growth of active employees to adjust the basic pension level, and propose a plan that will be submitted to the State Council for approval before unified organization and implementation. The law is objective:

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

Article 2

The state establishes basic pension insurance, basic medical insurance, and work-related injury insurance , unemployment insurance, maternity insurance and other social insurance systems to protect citizens’ rights to obtain material assistance from the state and society in accordance with the law in the event of old age, illness, work injury, unemployment, childbirth, etc.

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

Article 16

Individuals participating in basic pension insurance shall make cumulative contributions when they reach the statutory retirement age Those who have served for fifteen years will receive a basic pension on a monthly basis. Individuals participating in basic pension insurance who have paid less than fifteen years of cumulative contributions when they reach 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.