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What does occupational annuity mean? What are the conditions of occupational annuity

In recent years, more and more people begin to pay attention to the future pension life. In addition to the conventional basic pension insurance, many people will notice occupational annuity. What does occupational annuity mean? What are the conditions for receiving occupational annuity? Let's take you to know.

What does occupational annuity mean

Occupational annuity refers to the supplementary endowment insurance system established by government institutions and their staff on the basis of participating in the basic endowment insurance of government institutions.

Occupational annuity is a unit welfare system, which is neither social insurance nor commercial insurance, but a security system established by government agencies and institutions for in-service employees. The purpose is to make employees more dependent and reliable after retirement.

Conditions for receiving occupational pension

1. Employees can receive occupational annuity after they meet the retirement conditions stipulated by the state and go through the retirement procedures according to law;

2. Those who live abroad can claim all occupational annuities at one time;

3. If the staff member dies during the period of service, the balance of the personal account in the occupational annuity can be inherited.

In general, for individual pension, occupational annuity is undoubtedly beneficial. It can protect the future pension life and reduce the dependence on the basic pension insurance. People in need may as well know more about it.