Endowment insurance is an important part of social security system and one of the five most important social insurances. The so-called endowment insurance (or endowment insurance system) is a social insurance system established by the state and society according to certain laws and regulations to solve the basic life of workers who reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age. Basic pension consists of basic pension and personal account pension. Workers have reached the statutory retirement age, and individual contributions have reached 15 years. The monthly standard of basic pension is 20% of the average monthly salary of employees in the province (autonomous region or municipality directly under the Central Government) or the city (prefecture) in the previous year, and a certain proportion of basic pension will be increased every year after payment, and the overall level will be controlled at around 30%; If the individual contribution is less than 15 years, the basic pension will not be paid, and the amount stored in the individual account will be paid to me in one lump sum. The basic pension is paid by the social pooling fund; Personal account pension is paid by personal account fund, and the monthly payment standard is the amount stored in my account divided by 120. After the individual account fund is used up, it will be paid by the social pooling fund. Retirees are given pensions according to the original provisions of the state. 1997 those who took part in the work before the national unified basic old-age insurance system for enterprise employees will be given transitional pensions on the basis of basic pensions and personal account pensions after retirement. After the death of the basic pension recipients, their survivors receive funeral subsidies in accordance with the relevant provisions of the state, and the funeral subsidies are paid by the social pooling fund of the basic old-age insurance. The adjustment of the basic pension level shall be organized and implemented by the Ministry of Labor and Social Security and the Ministry of Finance with reference to the price index of urban residents' living expenses and the wage increase of employees on the job.

Legal objectivity:

Article 16 of the Social Insurance Law: Individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis when they reach the statutory retirement age and have accumulated contributions for fifteen years. Individuals who participate in the basic old-age insurance and pay less than fifteen years when they reach the statutory retirement age can pay for fifteen years and receive the basic pension on a monthly basis; Can also be transferred to the new rural social endowment insurance or urban residents' social endowment insurance, enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council.