The functions of paying endowment insurance are as follows:
1, which is conducive to ensuring labor reproduction. Through the establishment of the old-age insurance system, it is conducive to the normal intergenerational replacement of the labor force, the elderly retire when they are old, and the newly increased labor force is successfully employed, ensuring the rationalization of the employment structure;
2, conducive to social security and stability. Endowment insurance provides basic living security for the elderly and makes them feel safe. With the arrival of the aging population, the proportion of the elderly population is increasing and the number is increasing. Old-age insurance guarantees the basic life of elderly workers, which is equivalent to ensuring the basic life of a considerable number of people in society. For on-the-job employees, participating in endowment insurance means that they have expectations for their future old-age life and are free from worries. In terms of social mentality, more people are stable and less impetuous, which is conducive to social stability;
3. It is conducive to promoting economic development. The pension insurance system designed by many countries links fairness with efficiency, especially the partial accumulation and complete accumulation pension fund raising model. The amount of pension received by workers after retirement is directly related to their wage income and payment during their on-the-job work, which can undoubtedly stimulate the enthusiasm of workers during their on-the-job work and improve efficiency;
4. Because the old-age insurance involves a wide range and a large number of participants, a large amount of old-age insurance can be raised in the operation, which can provide a huge source of funds for the capital market. In particular, the endowment insurance mode of fund system is implemented, and the accumulation of personal account funds is calculated in ten years, which makes the endowment insurance fund larger and provides more funds for the market. Through the operation and utilization of large-scale funds, it is conducive to the state's macro-control of the national economy.
Processing required files:
1, two copies of the original ID card;
2 original and two copies of the household registration book;
3.4 bareheaded photos 1 inch (6 photos over 60 years old).
To sum up, the pension is determined according to the individual's accumulated payment years, payment wages and other factors, and will be raised in a timely manner according to the average wage growth of employees and price increases.
Legal basis:
Article 15 of the Social Insurance Law of People's Republic of China (PRC)
The basic pension consists of overall pension and individual account pension.
The basic pension is determined according to factors such as individual cumulative payment years, payment wages, average salary of local employees, personal account amount, average life expectancy of urban population, etc.
Article 16
Individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have paid a total of fifteen years when they reach the statutory retirement age.
Individuals who participate in the basic old-age insurance and pay less than fifteen years when they reach the statutory retirement age can pay for fifteen years and receive the basic pension on a monthly basis; Can also be transferred to the new rural social endowment insurance or urban residents' social endowment insurance, enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council.