1. Payment standard of basic old-age insurance for urban and rural residents: At present, the payment standard for participating in old-age insurance for urban and rural residents is set as 100 yuan, 200 yuan, 300 yuan, 400 yuan, 500 yuan, 600 yuan, 700 yuan, 800 yuan, 900 yuan, 1000 yuan, 1500 yuan and 2000 yuan. The people's governments of provinces (autonomous regions and municipalities) may add payment grades according to the actual situation, and the highest payment grade standard shall not exceed the annual payment of local flexible employees to participate in the basic old-age insurance for employees in principle. Ministry of Human Resources and Social Security will, together with the Ministry of Finance, adjust the payment grade standards in a timely manner according to the income growth of urban and rural residents. Insured people choose their own grades to pay, and pay more. The state establishes an individual endowment insurance account for each insured person, which is recorded for life. In other words, once the personal account of endowment insurance is established, the social security management institution will provide lifelong service for it. No matter where the payment is made, no matter whether the payment is intermittent or not, the personal account will record the rights and interests of the insured.

2. Old-age insurance, the full name of social basic old-age insurance, is a social insurance system established by the state and society according to certain laws and regulations for their basic life after workers reach the working age limit stipulated by the state and terminate their labor obligations, or lose their ability to work due to old age.

Endowment insurance is an important part of social security system and one of the four most important social insurances. [13- 14] The purpose of endowment insurance is to ensure the basic needs of the elderly and provide them with a stable and reliable source of life.

Legal basis: People's Republic of China (PRC) Social Insurance Law.

Eleventh basic old-age insurance to implement the combination of social pooling and individual accounts. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.

Article 12 The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of employees stipulated by the state and record it in the basic old-age insurance pooling fund. Employees shall pay the basic old-age insurance premium in accordance with the proportion of 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 employing unit and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premiums in accordance with state regulations and record them in the basic old-age insurance pooling fund and individual accounts respectively.

Thirteenth employees of state-owned enterprises and institutions to participate in the basic old-age insurance, the basic old-age insurance premium should be paid by the government during the payment period. When the basic old-age insurance fund is insufficient to pay, the government gives subsidies.