The second of the five insurance funds refers to the housing accumulation fund and enterprise annuity. Article 2 of the social insurance law of the people's Republic of China stipulates that the state establishes social insurance systems such as basic old-age insurance, basic medical insurance, work-related injury insurance, unemployment insurance and maternity insurance to protect citizens' right to material assistance from the state and society according to law in the case of old age, disease, work-related injury, unemployment and childbirth.
"Five insurances and two pensions" refers to the welfare security of employees. Five insurances refer to endowment insurance, industrial injury insurance, maternity insurance, medical insurance and unemployment insurance, which is commonly known as "social security". The state forces enterprises and employees to pay as the security system of employees. Two funds refer to provident fund and enterprise annuity.
Enterprise annuity refers to the supplementary old-age insurance system voluntarily established by the enterprise and its employees on the basis of participating in the basic old-age insurance according to law. It is an integral part of the multi-level old-age insurance system, which is guided by the national macro and implemented by the internal decision-making of the enterprise. Housing accumulation fund refers to the long-term housing accumulation fund paid by state organs and institutions, state-owned enterprises, urban collective enterprises, foreign-invested enterprises, urban private enterprises and other urban enterprises and institutions, private non enterprise units, social organizations and their on-the-job employees.