Pension subsidy itself is one of the items of financial expenditure. Paragraph 2 of Article 13 of the Social Insurance Law stipulates that when the basic old-age insurance fund is insufficient to pay, the government will give subsidies.

The basic pension in the old-age insurance for urban residents in the new rural insurance is also the money from the government, and the government subsidies after individual contributions are also the money from the finance. As for the level of finance, this is a matter between the higher and lower levels of government finance.

Therefore, pension subsidies and financial subsidies are related, that is, financial subsidies paid by the government.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.