Pension insurance began in 1986.

After the reform and opening up, the economy and society developed rapidly, and the burdens on enterprises such as pension and medical care became increasingly heavy.

In order to promote enterprise restructuring, starting from October 1986, newly recruited workers were required to sign labor contracts and establish a labor manual system.

Workers under a labor contract system need to contribute to the retirement pension fund, with 3% being borne by themselves and 15% borne by the employer.

Retirement pension funds are the earliest prototype of pension insurance funds.

Pension insurance is a kind of society established by the state and society in accordance with certain laws and regulations to solve the basic life problems of workers after they reach the working age limit stipulated by the state for the release of labor obligations, or after they have lost their ability to work due to old age.

insurance system.

Employees participating in pension insurance must meet the following two conditions to receive pensions: 1. Reach the legal retirement age.

The so-called statutory retirement age refers to the age at which employees quit their jobs and are eligible to receive pensions.

According to relevant regulations, my country's legal retirement age for enterprise employees is 60 years old for men, 50 years old for female workers, and 55 years old for female cadres; those who are engaged in underground, high-altitude, high-temperature, particularly heavy physical labor or other work harmful to health The retirement age is 55 years or older for men and 45 years or older for women; the retirement age for those who are disabled due to illness or non-work and have completely lost the ability to work as certified by the hospital and confirmed by the Labor Appraisal Committee is 55 years or older for men and 45 years or older for women. 45 years old; 2. Accumulated pension insurance premiums have been paid for 15 years.

Individuals who have reached the statutory retirement age and have made cumulative contributions for less than fifteen years can pay for up to fifteen years and receive a basic pension on a monthly basis.

Legal Basis Article 1 of the "Social Insurance Law of the People's Republic of China" In order to regulate social insurance relations, safeguard citizens' legitimate rights and interests to participate in social insurance and enjoy social insurance benefits, enable citizens to enjoy the fruits of development, and promote social harmony and stability,

This law is enacted in accordance with the Constitution.

Article 2 The state establishes basic pension insurance, basic medical insurance, work-related injury insurance, unemployment insurance, maternity insurance and other social insurance systems to ensure that citizens receive material assistance from the state and society in accordance with the law in the event of old age, illness, work-related injury, unemployment, childbirth, etc.

s right.

Article 3 The social insurance system adheres to the principles of wide coverage, basic protection, multi-level and sustainability, and the level of social insurance should be consistent with the level of economic and social development.