Pension insurance can be purchased by yourself or by your employer.

If you purchase it yourself, urban and rural residents and those with flexible employment need to go to the local social security bureau or community center to apply for it. Employees in office pay for it in the form of five insurances, and the unit deducts it from their wages every month.

After 15 years of cumulative contributions, you can enjoy a pension when you reach retirement age. Social insurance is only a basic guarantee.

Pension insurance is one of the five important types of insurance in society. It can protect the basic living needs of retirees and provide a stable and reliable source of living.

Pension insurance is based on the employee's salary as the payment base, and is paid jointly by the employer and the employee in proportion.

Pension insurance monthly payment amount = payment base * payment ratio.

The unit contribution rate is 19%, and the employee contribution rate is 8%.

As for the payment base, the highest payment base for pension insurance is 25,401 yuan and the lowest is 3,387 yuan. If the monthly income exceeds 25,401 yuan, the payment base is calculated as 25,401 yuan; if it is less than 3,387 yuan, the payment base is calculated as 3,387 yuan; and for monthly income

If the payment is between 3,387 and 25,401 yuan, the payment base shall be determined based on the employee’s actual salary income.

Pension insurance is a kind of social insurance established by the state in accordance with relevant laws and regulations to ensure the basic life of workers after they reach the working age limit set by the state for the release of labor obligations or retire from work due to old age and loss of working ability.

system.

The purpose is to use social insurance as a means to protect the basic living needs of the elderly and provide them with a stable and reliable source of living.

Legal Basis Article 12 of the "Social Insurance Law of the People's Republic of China" The employer shall pay basic pension insurance premiums in accordance with the proportion of the total wages of its employees stipulated by the state, and record them into the basic pension insurance pooling fund.

Employees should pay basic pension insurance premiums in accordance with the proportion of their wages stipulated by the state and record them into their personal accounts.

Individual industrial and commercial households without employees, part-time employees who have not participated in basic pension insurance in the employer, and other flexible employment personnel who participate in basic pension insurance shall pay basic pension insurance premiums in accordance with national regulations and record them separately in the basic pension insurance pooling fund

and personal accounts.