Details are as follows:
1. The endowment insurance for urban employees is jointly paid by the unit and individual employees, with the unit contribution ratio of 16% and the individual contribution ratio of 8%. Among them, part of the premiums paid by the unit all enter the pension insurance pooling account, which is used to pay the basic pension, transitional pension and other benefits for urban workers retirees;
2. 8% of individual contributions go into the individual pension insurance account, and the funds that enter the individual pension insurance account will also generate interest. The balance of the individual pension insurance account consists of two parts: individual contributions and account interest, which are used to pay the individual pension benefits of retirees.
The relevant provisions on the balance of the endowment insurance account are as follows:
1, the account balance of endowment insurance generally refers to the part paid by units and individuals, which is included in the personal account and the interest generated by this part of the amount;
2, because the basic old-age insurance is a combination of social pooling and personal accounts, so part of it is included in the overall fund and part of it is included in the personal account.
Can I withdraw money from my pension account?
1, the money in the pension account can be withdrawn, but one of three conditions must be met: the payer dies, the man reaches the retirement age of 60, the woman is 50, and the payer emigrates;
2. To withdraw the pension, you can apply to the local social security bureau according to your actual situation. The materials required for application generally include your ID card, application for surrender, and payment of social security (pension book, medical insurance card).
How many years does endowment insurance pay?
1, and the payment period of endowment insurance is: the accumulated payment must be fifteen years;
2. According to the relevant laws and regulations of our country, individuals who participate in the basic old-age insurance can only receive the basic old-age pension on a monthly basis after they reach the statutory retirement age and have paid a total of fifteen years.
I hope the above content can help you. Please consult a professional lawyer if you have any other questions.
Legal basis: Article 11 of the Social Insurance Law of People's Republic of China (PRC).
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.