What is the personal savings of old-age insurance

Workers of old-age insurance personal savings in China is a multi-level old-age insurance system, an integral part of the voluntary participation by workers, voluntary agencies to choose a supplement in the form of insurance. By the social security institutions administered by the staff of old-age insurance personal savings, social security authorities to develop specific measures, according to its own employees wages in accordance with the provisions of personal savings to pay old-age insurance premiums, credited to the local social security institutions in the The bank set up old-age insurance personal accounts, and should not be less than or higher than the corresponding urban and rural residents, interest-bearing savings deposit interest rates in order to promote and encourage workers to participate in personal savings and pension insurance, interest income recorded in the personal account, together with the principal and interest All employees. Workers to meet the statutory retirement age of retirement is approved, with individual savings accounts will be of old-age insurance payment of the lump-sum or in payments to himself. Inter-regional trade flows, personal savings accounts and old-age insurance payment should then transfer. Workers die before reaching retirement age, credited to the account of personal savings and pension insurance payments should be nominated person or the heirs of their inheritance. The implementation of personal savings and union pension insurance is designed to expand old-age insurance funds, multi-channel fund-raising old-age insurance, and to reduce the burden on enterprises; conducive to the formation of long-term elimination of the full cost of insurance by the state \ "package down \" the concept of To enhance self-protection awareness of the trade unions and to participate in Social Security initiative; at the same time to promote the implementation of social insurance work in a wide range of supervision of the masses.

Personal savings and pension insurance companies and can be linked to the supplementary old-age insurance approach to promote and enhance the enthusiasm of workers to participate.