What is the monthly payment of 60% of the social security pension for employees in Chongqing?

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According to the Decision of the State Council on Improving the Basic Old-age Insurance System for Enterprise Employees (Guo Fa [2005] No.38), the proportion of individual contributions to the old-age insurance for urban employees is 20%, of which 8% is credited to individual accounts. According to Chongqing Municipal Bureau of Statistics, the average wage of employees in urban economic units in the previous year (referred to as "average wage of employees"), which was applicable to social insurance in 20 17, was 67,386 yuan/year (56 16 yuan/month).

The monthly pension is 5616× 60 %× 20%+5616× 60 %× 8% = 943.49.