Changsha Social Security Retirement Calculation_Formula

What is the Changsha Social Security Retirement Calculation_Formula

The Changsha Social Security Retirement Calculation_Formula is mainly composed of two parts: the basic pension and the personal account pension.

Base pension = (average monthly salary of local on-the-job workers in the previous year when the insured person retires + his/her indexed average monthly contribution salary) ÷ 2 × number of years of contribution × 1%.

Individual account pension = accumulated savings in the individual account at the time of the participant's retirement ÷ the number of months of accrual.

The number of months of payment is determined according to the average life expectancy of the urban population at the time of the employee's retirement, his or her retirement age, interest and other factors.

Summary: The Changsha social security retirement formula is based on the insured's contribution period, contribution salary, personal account storage amount and the average monthly salary of local on-the-job workers to calculate the retirement pension. The formula is designed to ensure that retirees are provided with stable financial security.

Legal basis: According to Article 16 of the Social Insurance Law of the People's Republic of China, individuals who have participated in basic old-age insurance and have contributed for a total of fifteen years by the time they reach the legal retirement age will receive a basic pension on a monthly basis. Individuals who have participated in basic old-age insurance and have contributed for less than fifteen years by the time they reach the legal retirement age can contribute until they reach fifteen years and receive a monthly basic pension; they can also be transferred to the new type of rural social old-age insurance or urban residents' social old-age insurance, and enjoy the corresponding old-age insurance treatment in accordance with the State Council's regulations.