Old-age insurance is an annuity or one-time income provided by an enterprise for employees who are unwilling to continue to serve because they have worked in the enterprise for a certain number of years, or employees who are permanently incapacitated due to old age or disability accidents. Its source is paid by the enterprise where the employee works and by a certain proportion when the employee is on the job, and is managed by the social insurance and specialized agencies affiliated to the labor administrative department.
Extended data:
Some members and the representative of the National People's Congress Standing Committee (NPCSC) pointed out that the accumulated balance of social insurance funds is large in scale and scattered. In order to ensure the safety of funds, we should strictly regulate and strengthen supervision. Liu Xiaowu, a deputy to the National People's Congress, suggested that the supervision system of social insurance funds should be straightened out, a relatively independent supervision institution representing the interests of the three parties should be established, and the legal liability for losses caused to the funds due to related improper operations should be increased. Lv Wei, a member of the National People's Congress Standing Committee (NPCSC), suggested strengthening not only the internal supervision of social insurance funds, but also the external supervision.
To this end, the draft social insurance law under consideration adds provisions that social insurance funds shall not be used for illegal investment and operation, for balancing other government budgets, for building or rebuilding office buildings, and for paying personnel expenses, operating expenses and management expenses, or for other purposes in violation of laws and administrative regulations.