Basic pension consists of overall pension and individual account pension, and endowment insurance is actually the total amount paid by units and individuals. The total proportion of employees in enterprises paying endowment insurance is about 28%. Among these 28%, enterprises need to bear 20% of the payment ratio, and individuals need to bear 8% of the payment ratio. 20% of the enterprise's contribution goes into the overall account, and 8% of the individual's contribution goes into the personal account pension, including the personal account pension. The actual pooling account and personal account are the pensions received later. This is the reason why unit retirement and individual endowment insurance are different.
For endowment insurance, the following materials shall be provided:
1. Freelancers need to bring their town residence booklet, ID card and copy;
2. The person who terminates the labor relationship needs his/her urban household registration book, ID card and photocopy, and his/her agreement and photocopy for terminating the labor relationship;
3. Unemployed people need their urban household registration book, ID card and photocopy, and their unemployment certificate and photocopy;
4. Individual industrial and commercial households need business licenses, ID cards and photocopies.
To sum up, paying endowment insurance can not only provide certain living security after retirement, but also provide help and support for individual retirement plans. It is suggested to pay the old-age insurance in time to ensure that your retirement life is guaranteed.
Legal basis:
Article 10 of People's Republic of China (PRC) Social Insurance Law
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.
Article 16
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.
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.