The basic old-age insurance premium is shared by enterprises and individual employees: enterprises pay 20% of the total average monthly salary of employees in the previous year (some provinces and cities slightly adjust), and individual employees pay 8% of the average monthly salary of employees in the previous year; Urban individual industrial and commercial households, flexible employees and laid-off workers from state-owned enterprises who participate in the basic old-age insurance in their personal capacity shall pay the basic old-age insurance premium at a rate of 20% based on the average social wage in the province where they are located, and all of them shall be borne by themselves.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.