How does social security calculate retirement wages?

1, the old calculation method stipulates that the calculation method of basic old-age insurance for retirees who have paid 15 years or more consists of basic pension+personal account balance/120, and unobstructed basic pension = the average monthly salary of employees in this city last year * 20%;

2. If calculated according to the new calculation method, the insured person can receive an extra part of the pension for every extra year, and there is no upper limit. This calculation method is conducive to the formation of a series of incentive and restraint mechanisms of "more work and more pay". The new calculation method is as follows: (provincial base+indexed monthly average payment salary) /2* payment period (including deemed payment period, the same below).