Article 12 of the Social Insurance Law stipulates that the employer 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.
According to the current policy, the proportion of the basic old-age insurance premium paid by the employer generally does not exceed 20 of the total wages of the enterprise, and the specific proportion is determined by the people's governments of all provinces, autonomous regions and municipalities directly under the Central Government.
8% of the employee's salary is included in the personal account. The salary paid is generally my average monthly salary in the previous year. The average monthly salary should be calculated according to the statistical items included in the total salary stipulated by the National Bureau of Statistics. The part where the monthly average wage exceeds the average wage of local employees by more than 300% is not included in the individual contribution base; If it is lower than 60% of the average wage of local employees, the payment wage base shall be calculated at 60%.
Legal basis:
People's Republic of China (PRC) social insurance law
Article 66 The social insurance fund shall establish its budget according to the overall level. In addition to the basic medical insurance fund and maternity insurance fund budget combined, other social insurance fund budgets are compiled separately according to social insurance projects.
Article 67 The preparation and examination and approval of the draft budget and final accounts of the social insurance fund shall be carried out in accordance with the law and the provisions of the State Council.
Article 68 Social insurance funds shall be deposited in special financial accounts, and specific management measures shall be formulated by the State Council.
Article 69 Social insurance funds shall be invested and operated in accordance with the regulations of the State Council under the premise of ensuring safety, so as to maintain and increase the value.
Social insurance funds shall not be used for illegal investment and operation, for balancing other government budgets, for building or rebuilding office buildings, and for paying personnel expenses, operating expenses and management expenses, or for other purposes that violate laws and administrative regulations.
Seventieth social insurance agencies shall regularly announce to the public the participation in social insurance and the income and expenditure, balance and income of social insurance funds.
Article 71 The state establishes a national social security fund, which consists of funds allocated by the central government and raised by other means approved by the State Council, and is used to supplement and regulate social security expenditure. The national social security fund is managed and operated by the national social security fund management and operation organization, and the value is maintained and increased on the premise of ensuring safety.