What is the concept of social endowment insurance?

The concept of social endowment insurance is to ensure the basic living needs of the elderly and provide them with a stable and reliable source of life after terminating their labor obligations after reaching the working age limit stipulated by the state or quitting their jobs because of old age.

Endowment insurance is a social insurance system established by the state according to the provisions of relevant laws and regulations to solve the basic living problems of workers who terminate their labor obligations after reaching the working age limit stipulated by the state or quit their jobs because of old age. The purpose is to ensure the basic needs of the elderly through social insurance and provide them with a stable and reliable source of life.