Old-age insurance, the full name of social basic old-age insurance, is a social insurance system established by the state and society in accordance with certain laws and regulations to solve the basic life of workers who reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age. The purpose is to ensure the basic needs of the elderly through social insurance and provide them with a stable and reliable source of life.
Endowment insurance is an important part of social security system and one of the five most important social insurances. The purpose of endowment insurance is to protect the basic needs of the elderly and provide them with a stable and reliable source of life.
Old-age insurance will take effect automatically after the elderly within the legal scope completely or basically withdraw from social labor life. The so-called completeness is manifested in the separation of workers and means of production; The so-called basic means that participation in production activities has not become the main content of social life. The legal age limit is a practical measure.
The insured can only meet the following two conditions: (1) has reached the retirement conditions stipulated by the state and gone through the relevant formalities; According to the provisions of the basic old-age insurance premium accumulated payment period of 15, approved by the administrative department of labor and social security, can receive a monthly basic pension and funeral subsidies.
The basic old-age insurance premium is paid by enterprises and insured persons according to different payment ratios.
The endowment insurance in China consists of four levels (or parts). The first level is basic old-age insurance, the second level is enterprise supplementary old-age insurance, the third level is personal savings old-age insurance, and the fourth level is commercial old-age insurance. In this multi-level old-age insurance system, the basic old-age insurance is the first and highest level.
Article 12 of the Social Insurance Law of People's Republic of China (PRC) * * * The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of employees stipulated by the state and record it in the basic old-age insurance pooling fund.
Employees shall pay the basic old-age insurance premium in accordance with the proportion of wages stipulated by the state and record it in their personal accounts.
Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employing unit and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premiums in accordance with state regulations and record them in the basic old-age insurance pooling fund and individual accounts respectively.