How to calculate social security benefits?

Social security benefits mainly depend on the following factors:

1. Last year's salary in the province when I retired (the salary in the province is increasing every year, and the pension is also increasing year by year. Therefore, the later the retirement time, the more pensions);

2. My payment period (the longer the payment period, the more the pension);

3. Personal account amount (the more contributions, the more pensions).

Calculation formula:

1. basic pension = (when retiring, the average monthly salary of employees in the whole province last year is ten times the average monthly payment salary) /2 × payment period) × 1%.

2. Personal account pension = the amount of personal account storage at retirement/the number of months corresponding to my retirement age.

Pension = basic pension+personal account pension