Pensions are paid by Ministry of Human Resources and Social Security and funded by social security funds. Individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have paid a total of fifteen years when they reach the statutory retirement age; Those who are less than fifteen years can pay for fifteen years and receive a basic pension on a monthly basis.

Pensions are under the jurisdiction of local social security departments and issued by the state. Participate in social endowment insurance, and receive retirement pension from the bank entrusted by the local social insurance agency. The socialized distribution of basic old-age pension means that after individual employees participate in the basic old-age insurance according to regulations and pay the basic old-age insurance premium to the social insurance agency in full, the basic old-age pension distribution of unit retirees will also be transferred from the unit where the employees work to the society, that is, the social insurance agency will be responsible for it, and the basic old-age pension will be distributed to retirees who meet the basic old-age insurance benefits through banks, post offices, communities and other intermediaries.

Legal basis: Article 9 of the Interim Measures of the State Council on Retirement and Resignation of Workers.

Retirement expenses and living expenses of retired employees shall be paid by the enterprise administration; Party and government organs, mass organizations and institutions shall be paid by the civil affairs departments at the county level where retired and resigned workers live in separate budgets.

Article 11

Workers should not stay in units owned by the whole people after retirement or resignation. After they go to town streets and rural communes, street organizations and communes should strengthen their management education, care about their lives and attach importance to their positive role. Units under collective ownership, such as streets and communes, can pay certain remuneration to retired and resigned workers if they need to do what they can, but together with their retirement expenses or retirement living expenses, they cannot exceed their standard wages when they are on the job.

For single employees working in other places who want to move into their family residence after retirement or resignation, they should be allowed to settle in the place where they moved in.