Legal analysis: When did the old-age insurance start? The old-age insurance started with the earliest old-age insurance for contract workers in 1986. Then in 1988, the state introduced the endowment insurance for enterprise employees, but the establishment of the endowment insurance account was started according to the document No.6 issued by the State Council [1995]. At this time, employees began to pay according to the proportion of wages. Endowment insurance is a social insurance system established by the state according to the provisions of relevant laws and regulations to ensure the basic livelihood of workers after reaching the working age limit stipulated by the state to relieve their labor obligations of endowment insurance or quitting their jobs because of old age loss of labor ability. The purpose is to protect the basic needs of the elderly by means of social insurance and provide them with a stable and reliable source of life.

legal basis: article 1 of the social insurance law? Employees shall participate in the basic old-age insurance, and the employer and employees shall pay the basic old-age insurance premium together. 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 of the social insurance law? The basic old-age insurance combines social pooling with individual accounts. The basic old-age insurance fund consists of employer and individual contributions and government subsidies.