Legal analysis:

Social endowment insurance is more cost-effective, but in fact, they are not in conflict, but complement each other. The basic old-age insurance focuses on the basic guarantee, not for profit. On the contrary, the state finances invest a lot of money to enrich the old-age insurance fund every year. Commercial insurance is a kind of insurance carried out by commercial insurance companies, with various types, which are relatively profit-oriented. Although commercial endowment insurance is cheaper, it has a major disadvantage, that is, the treatment received after retirement is also fixed. Social security pension can only meet the basic living security, but commercial pension insurance can get higher economic compensation. Commercial endowment insurance in the market is often divided into these types: traditional endowment insurance, dividend endowment insurance, universal endowment insurance and investment-linked endowment insurance. If you want to buy commercial endowment insurance, you must buy social security first. If the economic conditions are not good, you can not consider commercial endowment insurance because it is not a compulsory measure.

Legal basis:

Social Insurance Law of the People's Republic of China

Article 1 Employees shall participate in the basic old-age insurance, and both the employer and the employee shall 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 endowment insurance for civil servants and staff managed with reference to the Civil Service Law shall be formulated by the State Council.

article 11 the basic old-age insurance shall combine social pooling with individual accounts. The basic old-age insurance fund consists of employer and individual contributions and government subsidies.

article 12 an employer shall pay the basic old-age insurance premium in proportion to the total wages of its employees as stipulated by the state and record it in the basic old-age insurance pooling fund. Employees shall pay the basic old-age insurance premium according to the proportion of their 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 employer and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premium in accordance with state regulations and record it in the basic old-age insurance pooling fund and individual account respectively.

Derivative question:

How old is the old-age insurance

When you reach the statutory retirement age, you can enjoy the monthly pension after paying for more than 15 years, or after paying for less than 15 years. The state encourages paying more, and those who pay for a long time and pay more will receive higher benefits after retirement. For example, the basic pension: for those who have completed 15 years, it is calculated according to 15% of the average wage of employees in the previous year and their indexed wages, and the payment period is increased by one percentage point for each additional year, and 4 years is 4%. In addition, when adjusting retirement pension benefits, the payment period is one of the conditions for adjusting benefits. For example, when transferring in 211, the payment period will be increased by 3 yuan for each full year. Description of retirement age: (1) Men who have reached the age of 6 and women who have reached the age of 5, and have worked continuously for 1 years; (2) Men who have reached the age of 55 and women who have worked continuously for 1 years, are engaged in underground, high altitude, high temperature, particularly heavy manual labor or other jobs harmful to health; (3) Men who have reached the age of 5, women who have reached the age of 45, and have worked continuously for ten years, and who have been certified by the hospital and confirmed by the labor appraisal committee, shall be allowed to retire.