1. Those who participate in the basic old-age insurance can choose to participate in employee old-age insurance or resident old-age insurance. You need to pay 15 to receive a monthly pension after retirement. However, if you re-enter the insurance at the age of 50, the employee pension insurance is only suitable for men, and you have to extend the payment for 5 years. Both men and women can participate in the resident pension insurance, and the payment needs to be extended for 5 years;

2 choose to participate in commercial endowment insurance, both men and women can participate in the insurance, and they can choose freely during the payment period. When the insured reaches retirement age, the insurance company will also start to issue pensions.

Legal basis: Article 10 of the Social Insurance Law of People's Republic of China (PRC).

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.

Article 11

The basic old-age insurance combines social pooling with individual accounts.

The basic old-age insurance fund consists of employers, individual contributions and government subsidies.