Endowment insurance refers to an annuity or one-time income paid by an enterprise to protect its old age when employees are unwilling to continue their service because they have worked in the enterprise for a certain number of years or because of accidents such as old age and disability. Its source is paid by the enterprise where the employee works and by a certain proportion when the employee is on the job, and is managed by the social insurance and specialized agencies affiliated to the labor administrative department.
Enjoy the old-age insurance benefits, pay the old-age insurance premium for more than fifteen years, and reach the statutory retirement age, you can enjoy the old-age insurance benefits:
1. Receive the basic pension on a monthly basis as required until death. The basic pension is calculated as follows. The basic pension is equal to the basic pension plus personal account pension plus transitional pension, which is equal to the average monthly salary of employees in the whole city multiplied by 20% in the year before retirement, and 15% plus personal account principal and interest if the payment is less than15 years, and divided by 120 plus1the indexed monthly average payment salary before the end of 997 multiplied by1.
2. Death pension includes funeral expenses, one-time pension, and subsidies for living difficulties of immediate family members who meet the support conditions, which are paid monthly until the immediate family members who support them die.
People's Republic of China (PRC) Social Insurance Law Article 2 The state establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance to protect citizens' right to get material help from the state and society in the event of old age, illness, industrial injury, unemployment and maternity.
Sixteenth individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have paid for fifteen years at the statutory retirement age.
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.