The basic old-age insurance is an important part of China's old-age security system, aiming at ensuring the basic living needs of workers after retirement. As a social insurance for employees, the basic old-age insurance premium is paid jointly by employers and individuals according to a certain proportion. Among them, the employer should pay the basic old-age insurance premium to the social insurance fund according to a certain proportion of the total wages of its employees, and individuals need to deduct a part from their own wages as the personal contribution part of the basic old-age insurance premium. Specifically, the proportion of basic old-age insurance premiums will vary according to the regulations of different regions, but generally speaking, employers and individuals will bear a certain proportion of the total payment. For example, Beijing requires employers and individuals to pay 20% and 8% of the total payment respectively. At the same time, for special groups such as flexible employees, the proportion of individual contributions can be set according to the actual situation. In addition to the basic old-age insurance premium, there are also social insurance premiums such as basic medical insurance premium, unemployment insurance premium and work-related injury insurance premium, all of which are shared by employers and individuals.
Is there an upper limit for the payment standard of basic old-age insurance? At present, China's basic old-age insurance payment policy has no upper limit, and the employer should pay according to the proportion of the total wages of employees, but not lower than the local minimum payment wage standard. However, for high-income people, there may be a certain upper limit for the part paid by individuals.
The basic old-age insurance premium is an important part of social insurance for employees, which is shared by employers and individuals. The employer pays the basic old-age insurance premium in accordance with the prescribed proportion, and the individual deducts a part from the salary as the individual contribution. In practice, we should strictly abide by the requirements of relevant laws and policies, strengthen the construction of social security system, and better protect the quality of retirement life of employees.
Legal basis:
"Social Insurance Law of People's Republic of China (PRC)" Article 47 Units and individuals participating in basic old-age insurance shall pay social insurance premiums in accordance with regulations. Social insurance premiums are paid by employers and individuals.