Employee pension insurance is a kind of social insurance. Social insurance refers to a kind of social security that the state raises funds through various channels through legislation, and gives economic compensation to workers when their income decreases due to old age, unemployment, illness, work injury and maternity, so that they can enjoy basic living security. The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of its employees stipulated by the state, and record it in the basic old-age insurance pooling fund.

The characteristics of the endowment insurance fund are as follows:

1, social. As a social policy to promote social and economic development and social stability, endowment insurance has a strong sociality in fund raising, payment and fund asset operation, which reflects social or government behavior in both management process and specific links.

2. save. A considerable part of social endowment insurance funds are pre-raised through personal accounts, especially accumulation funds, which are mainly pre-raised through personal accounts to save for future pension payments;

3. Help each other. The collection of social endowment insurance funds should be coordinated to achieve social mutual assistance and reduce the pension risk of workers.

Legal basis: Article 70 of the Labor Law of People's Republic of China (PRC).

The state develops social insurance, establishes social insurance system and social insurance fund, so that workers can get help and compensation in old age, illness, work injury, unemployment and childbirth.

Article 10 of People's Republic of China (PRC) Social Insurance Law

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.