Pension Standard in Nanyang City, Henan Province

The pension standard in Nanyang City, Henan Province is calculated according to a combination of factors such as the number of years of contribution, salary level and personal account, and can reach a maximum of 7,258 yuan per month.

The pension standard in Nanyang City, Henan Province, is set in accordance with the Social Insurance Law of the People's Republic of China*** and the Regulations on Basic Pension Insurance for Urban and Rural Residents in Nanyang City and other relevant laws and regulations. According to the data released by the Nanyang City Social Security Bureau, the city's pension standard is calculated according to a combination of factors such as the number of years of contribution, salary level and personal account, and can reach a maximum of 7,258 yuan per month and a minimum of 1,259 yuan per month. Among them, the number of years of contribution and salary level are the main factors affecting the pension standard, and the personal account will also have an impact on the pension payment. Specifically, the pension calculation formula in Nanyang City is as follows: personal account pension + basic pension + additional pension for the personal contribution part. Among them, personal account pension refers to the portion of income from the investment of the pension insurance premiums paid by the individual through the bank reserve account; basic pension refers to the portion of basic pension calculated according to the local average salary and the number of years of individual contribution; additional pension for the personal contribution portion refers to the voluntary contribution portion that the individual chooses to pay when paying social security premiums. According to Nanyang City's policy, employees and residents who fulfill the retirement conditions can enjoy pension benefits. Retirement conditions include being 60 years old for men and 55 years old for women, and having paid social insurance continuously for 15 years or having accumulated social insurance for 20 years.

How does the individual account pension work in Nanyang City? Nanyang City's individual account pension is invested through bank reserve accounts and receives corresponding returns to increase pension benefits. Specifically, the Nanyang Social Insurance Agency deposits a certain percentage of individual contributions into a bank reserve account every month, which is then invested and operated by a specialized agency to earn a corresponding return. This return is partially credited to the personal account pension, which becomes an important factor in increasing the pension treatment.

The pension standard in Nanyang City is set in accordance with the basic pension insurance regulations for urban and rural residents in Nanyang City and other relevant laws and regulations, and can reach a maximum of 7,258 yuan per month. Personal account pensions are an important factor in pension calculations, and investment operations are carried out through bank reserve accounts to increase pension entitlements. Pension standards and systems vary from place to place, so individuals are advised to pay attention to specific local policy regulations and make timely social insurance contributions.

Legal basis:

Article 16 of the Social Insurance Law of the People's Republic of China (《中华人民****和國社會保险法 》) Article 16: Individuals participating in the basic pension insurance shall be entitled to receive a monthly basic pension if they have made contributions for a total of fifteen years by the time they reach the legal retirement age.