Common Knowledge Points of Finance and Taxation

1. The basic pension insurance system refers to the social insurance system in which the state and society provide material assistance to ensure a stable and reliable source of livelihood for those who have withdrawn from the field of labor due to old age after their contributions have reached the legal deadline and they have reached the legal retirement age. The basic old-age insurance system consists of three parts: the basic old-age insurance system for employees, the new rural social old-age insurance system, and the social old-age insurance system for urban residents.

2. The basic medical insurance system refers to the social insurance system in which a certain percentage of medical insurance premiums are paid in accordance with state regulations, and in the event that a participant seeks medical treatment for illness or accidental injury, the medical insurance fund pays a certain amount of his or her medical expenses. The basic medical insurance system consists of three parts: the basic medical insurance system for employees, the new rural cooperative medical system, and the basic medical insurance system for urban residents.

3. The work-related injury insurance system is a social insurance system in which the employer pays the work-related injury insurance premiums, and in which workers and their associates are given work-related injury insurance treatment when they suffer an accidental injury or occupational disease caused by their work that results in their death or temporary or permanent loss of their ability to work.

4. Unemployment insurance system refers to a social insurance system in which the state provides material assistance to members of society who have temporarily lost their wage income due to unemployment, in order to guarantee the basic livelihood of the unemployed, maintain the reproduction of the labor force, and create the conditions for the unemployed to rejoin the workforce.

5. The maternity insurance system is a social insurance system in which the employer pays the insurance premiums and its employees enjoy maternity insurance benefits in accordance with State regulations.

6. The social insurance premiums to be paid by employees are withheld and paid by the employer, and the employer shall inform the individual of the details of the social insurance premiums paid on a monthly basis.

7. The employer shall apply to the local social insurance agency for social insurance registration within 30 days from the date of its establishment on the basis of its business license, certificate of registration, or the seal of the unit;

8. The employer shall apply to the social insurance agency for social insurance registration for its employees within 30 days from the date of employment.