The pension system began to reform, with a transition period of 10 years. This transition period refers to those who have endowment insurance in public institutions, who joined the work before the reform and retired after the reform, from 20 14 10 to September 2024.
Legal basis:
Article 10 of the Social Insurance Law of People's Republic of China (PRC) stipulates that employees shall participate in the basic old-age insurance, and the employer and employees shall jointly pay the basic old-age insurance premium.
Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employer and other flexible employees can participate in the basic old-age insurance, and individuals pay the basic old-age insurance premium.
The measures for the endowment insurance of civil servants and staff managed by reference to the Civil Service Law shall be formulated by the State Council.
According to the provisions of Article 16 of the Social Insurance Law of People's Republic of China (PRC), individuals who participate in the basic old-age insurance will receive the basic draft pension every month if they have paid for 15 years when they reach 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.
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