Pension, also known as pension and retirement fee, is the most important pension insurance treatment. That is to say, according to the relevant national documents, the monthly or one-time cash payment of insurance benefits is mainly used to protect the basic needs of employees after retirement, according to their contributions to society and their qualifications for enjoying old-age insurance or retirement conditions. Basic pension consists of basic pension, personal account pension and transitional pension.

Pension conditions:

1, has reached the statutory retirement age and has gone through retirement procedures;

2, units and individuals to participate in old-age insurance and fulfill the obligation to pay old-age insurance premiums;

3. The individual payment is at least 15 years, and the payment period during the transition period includes the deemed payment period.

Legal basis: Article 11 of the Social Insurance Law of People's Republic of China (PRC).

The basic old-age insurance combines social pooling with 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 its 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.

Article 13

Before employees of state-owned enterprises and institutions participate in the basic old-age insurance, the basic old-age insurance premiums payable during the payment period shall be borne by the government. When the basic old-age insurance fund is insufficient to pay, the government gives subsidies.