In the long history of human beings, the society security system is regarded as the achievement of modern society and history of social security is relatively short. Dating back to the origin of the social security system, German people first had it in 1883. For quite a long period, social insurance issues especially social security has been one of the most important issues of policymakers and governments. What’s more, social security is a heated topic in the report of newspaper and academic magazine, which discussed social and economic development. Nowadays, most countries in the world have social security system. Not only do academicians and civil servants take it into account, but also ordinary citizens place considerable emphasis on the
…show more content…
What’s more, at specific provincial level or city level, there are corresponding social security agencies, which mainly administer corresponding-level retirement pools and individuals. Before approaching the details of social security in China, it is necessary to mention that there are three main part of social security, they are pension insurance, mandatory individual account, and social assistance system. In China, there are several different sources of Social Security, the two most important sources are insured person and self-employed person. Respectively, for insured people, the basic pension premium is none or determined by local government policy and regulations. Also, the mandatory individual account is assigned as eight percent of gross insured earnings. For the self-employed person, basic pension insurance rate is twelve percent of the local average wage, and people in the mandatory individual account should pay eight percent of the local average rate. In addition, for the employers, their basic pension insurance is up to twenty percent of payroll, which may vary in different provinces. When it comes to the government, for basic pension insurance and mandatory individual account, central and local governments will offer subsidies as needed. What’s more,
What’s more, at specific provincial level or city level, there are corresponding social security agencies, which mainly administer corresponding-level retirement pools and individuals. Before approaching the details of social security in China, it is necessary to mention that there are three main part of social security, they are pension insurance, mandatory individual account, and social assistance system. In China, there are several different sources of Social Security, the two most important sources are insured person and self-employed person. Respectively, for insured people, the basic pension premium is none or determined by local government policy and regulations. Also, the mandatory individual account is assigned as eight percent of gross insured earnings. For the self-employed person, basic pension insurance rate is twelve percent of the local average wage, and people in the mandatory individual account should pay eight percent of the local average rate. In addition, for the employers, their basic pension insurance is up to twenty percent of payroll, which may vary in different provinces. When it comes to the government, for basic pension insurance and mandatory individual account, central and local governments will offer subsidies as needed. What’s more,