Recently, I was asked a question that made me think deeply. They worry that if they don't live to retirement age, all their social security contributions will be wasted.
First of all, the answer is: it will never be in vain!Although we can't experience life in retirement, the money in the personal account can be received by the heirs after the death of the social security contributor. And the money of the pooled part, whether in office or after retirement, this part belongs to the state.
Let's take a closer look at each section.
First, let's talk about CPF. The provident fund is part of the contribution that we make together with the company during our employment. If a social security contributor dies before retirement, the balance of his or her CPF account can be withdrawn by his or her legal heirs. If no one withdraws it, then the money will be handed over to the state.
Next is the pension insurance part. The basic endowment insurance is formed by the joint payment of the employer and the employee, including the basic endowment insurance premium that the employer and the employee shall pay in accordance with the payment ratio stipulated by the state, which shall be credited to the basic endowment insurance and the personal account respectively.
If the social security contributor dies suddenly, the principal and interest of this part of the pension insurance paid by himself can be fully withdrawn by the heirs. However, this part of the pension in the pooled account is not available.
There are similarities between health insurance and pension insurance. Employees participating in the basic medical insurance for employees shall also be jointly paid by the employer and the employee in accordance with the provisions of the state.
If there is still a balance in the personal account in the medical insurance card after the death of the social security payer, the family members can apply for the liquidation of their personal medical account with the relevant certificates, and the heirs can also inherit the entire balance of the personal account.
In addition to this, there are a few other benefits. For example, funeral expenses and pensions. Funeral expenses are mainly used for the burial of the deceased, and the money is issued by the state to the immediate family members of the deceased. The pension is paid by the state to the immediate family members of the deceased in accordance with relevant regulations.
Through the above elaboration, I believe that everyone has a clearer understanding of the issue of receiving five social insurances and one housing fund after the social security payer dies before retirement. Hopefully, this will alleviate your worries about how your social security contributions will go in vain. Of course, I also hope that everyone can live a long and healthy life and enjoy the benefits they deserve.