Article 16 An individual participating in the basic endowment insurance shall receive a monthly basic pension provided that he/she has contributed premiums for a cumulative period of 15 years or more when he/she reaches the statutory retirement age.
Where an individual participating in the basic endowment insurance has contributed premiums for a cumulative period under 15 years when he/she reaches the statutory retirement age,
he/she shall receive a monthly basic pension after having contributed premiums for 15 years;
or his/her
insurance relationship may be transferred into the new-type social endowment insurance for rural areas or social endowment insurance for urban residents, and he/she shall enjoy the corresponding endowment insurance benefits in accordance with the relevant provisions of the State Council.