Legal analysis: Endowment insurance is a social insurance system established by the state to ensure the basic life of employees who have lost their ability to work due to old age. Endowment insurance is generally related to the salary base of employees. The proportion of employees and units paying endowment insurance is generally 20 to 8, that is, employers pay 20% and individuals pay 8%. As long as they have paid the old-age insurance for 15 years and reached retirement age, workers can receive certain old-age insurance on time.
Legal basis: Article 10 of the Social Insurance Law stipulates that employees should participate in the basic old-age insurance, and both employers and employees should pay the basic old-age insurance premium: enterprises should pay 20% of the total average monthly salary of their employees in the previous year, and individual employees should pay 8% of their average monthly salary in the previous year. The unit is responsible for the insurance and withholding the personal part, and the unit pays the unit part.