Old-age insurance, the full name of social basic old-age insurance, is a social insurance system established by the state and society in accordance with certain laws and regulations to solve the basic life of workers who reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age. Endowment insurance is an important part of social security system and one of the five most important social insurances. The purpose of endowment insurance is to protect the basic needs of the elderly and provide them with a stable and reliable source of life.
Endowment insurance is based on the living security of the elderly, and an insurance fund is established through redistribution or savings to pay the living expenses of the elderly. Its implementation has the following functions:
1. It is conducive to ensuring the reproduction of the labor force: through the establishment of the old-age insurance system, it is conducive to the normal intergenerational replacement of the labor force, the retirement of the elderly, the smooth employment of the newly increased labor force, and the rationalization of the employment structure;
2. Conducive to social security and stability: Old-age insurance provides basic living security for the elderly and makes them feel safe. With the arrival of the aging population, the proportion of the elderly population is increasing and the number is increasing. Old-age insurance guarantees the basic life of elderly workers, which is equivalent to ensuring the basic life of a considerable number of people in society. For on-the-job employees, participating in endowment insurance means that they have expectations for their future old-age life and are free from worries. In terms of social mentality, more people are stable and less impetuous, which is conducive to social stability;
3. Conducive to promoting economic development: Many countries have designed pension insurance systems to link fairness with efficiency, especially the partially accumulated and fully accumulated pension fund raising model. The amount of pension received by workers after retirement is directly related to their wage income and payment during their on-the-job work, which can undoubtedly stimulate workers to work actively during their on-the-job work and improve efficiency.
In addition, because the pension insurance involves a wide range and a large number of participants, a large amount of pension insurance can be raised in the operation, which can provide a huge source of funds for the capital market. In particular, the endowment insurance mode of fund system is implemented, and the accumulation of funds in individual accounts is calculated in ten years, which makes the endowment insurance fund larger and provides more funds for the market. Through the operation and utilization of large-scale funds, it is conducive to the state's macro-control of the national economy.
legal ground
The Interim Measures for the Transfer and Continuation of the Basic Old-age Insurance for Employees in Urban Enterprises Article 3 If the insured person is employed across provinces, the social insurance agency where the original insured person is located (hereinafter referred to as the social insurance agency) shall issue a certificate of insurance payment, and the basic old-age insurance relationship shall be transferred to the new insured place. If the insured reaches the conditions for receiving the basic old-age insurance benefits, the payment period of insurance premiums will be calculated together, and the amount of personal account storage (including principal and interest, the same below) will be calculated cumulatively; Before reaching the age of receiving treatment, the basic old-age insurance relationship shall not be terminated, and the procedures for surrender shall be handled; Settle abroad and settle in Hongkong, Macao and Taiwan Province Province, according to the relevant provisions of the state.