2. For those who pay social security for the first time, the maximum age limit for men to pay social security is 60 years old, 50 years old for female employees and 55 years old for cadres. Those who exceed this condition cannot pay social security. The insured person reaches the statutory retirement age and has been insured for fifteen years in a row, and can receive a pension. According to the law, individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis when they reach the statutory retirement age and have paid for 15 years.
Legal basis: Article 64 of People's Republic of China (PRC) Social Insurance Law includes basic endowment insurance fund, basic medical insurance fund, industrial injury insurance fund, unemployment insurance fund and maternity insurance fund. In addition to the basic medical insurance fund and maternity insurance fund combined accounting, other social insurance funds are accounted for separately according to social insurance types. Social insurance funds implement a unified accounting system throughout the country.
What are they specifically and how are they calculated?
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