Individuals participating in the basic pension insurance who have paid for 15 years, when they reach the legal retirement age, shall receive the basic old-age pension on a monthly basis.
The “accumulated payment for 15 years” here refers to the “accumulated years” (including the deemed payment years) for the insured to pay the endowment insurance premiums in accordance with the regulations, rather than the “continuous years”.
On the contrary, if the employer maintains or improves the conditions agreed in the labor contract and renew the contract, and the employee disagrees, the company does not need to pay economic compensation.