Social insurance, that is, social insurance, refers to the social security system established by the state in accordance with the law in order to prevent and share social risks such as old age, illness, unemployment, work-related injury, and childbirth, and to achieve the goal of social security. In China, the social security system covers five categories of insurance, namely endowment insurance, medical insurance, unemployment insurance, work-related injury insurance and maternity insurance. Here's a look at each of these five types of insurance.
1. Endowment insurance.
Pension insurance is the most important part of the social security system, which aims to provide basic living security for workers after they reach the statutory retirement age. Through the contribution of individuals and units, the accumulation of pension insurance** ensures that workers can receive a basic pension on a monthly basis after retirement and maintain their basic life. The implementation of endowment insurance has effectively alleviated the pension pressure brought about by the aging of society.
2. Medical insurance.
Medical insurance is a social insurance system established to ensure that workers can receive necessary medical care in the event of illness or injury. It establishes medical insurance** through individual and unit contributions, which is used to cover the medical expenses of insured persons. The implementation of medical insurance has greatly reduced the economic burden of workers due to illness and improved the accessibility of medical services.
3. Unemployment insurance.
Unemployment insurance is a social insurance system established to ensure the basic livelihood of workers during the period of unemployment. It establishes unemployment insurance** through individual and unit contributions, which is used to pay the basic living expenses of the unemployed and help them re-enter the workforce. The implementation of unemployment insurance is conducive to stabilizing social order and promoting the development of the labor market.
4. Work-related injury insurance.
Work-related injury insurance is a social insurance system established to ensure that workers can receive necessary medical treatment and economic compensation when they are injured by accidents or suffer from occupational diseases at work. It establishes work-related injury insurance** through the payment of the unit, which is used to pay for the medical expenses, expenses and work-related injury allowance for a certain period of time for the injured person. The implementation of work-related injury insurance has effectively protected the legitimate rights and interests of workers and improved work safety.
5. Maternity insurance.
Maternity insurance is a social insurance system established to ensure the basic living and medical care of female workers during childbirth. It establishes maternity insurance** through individual and unit contributions, which is used to pay for maternity medical expenses and maternity allowances. The implementation of maternity insurance reflects the state's care and support for female workers and promotes the harmonious development of the population and society.
To sum up, the social security system covers five types of insurance: endowment insurance, medical insurance, unemployment insurance, work-related injury insurance and maternity insurance. The implementation of these insurance systems has effectively protected the basic rights and interests of workers, raised the level of social security, and promoted the harmonious and stable development of society.