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State Social Insurance (Beijing)

Here's a puntive question for some people.
I have been enrolled onto the state social insurance scheme by my employers , albeit they kinda negated to tell me that I would have to actually have to contribute to this.
In amongst the redundancy insurance , accident insurance , sicknes insurance blah blah blah it appears I may become eligible for a state pension of some ilk.
If anyone has come across this on a local contract , basically is it worth having or not? As I have an option to cancel it.

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