How is the balance of social security personal account calculated?

Legal analysis: Pension = (average monthly salary of employees in the province last year+average monthly payment salary of myself) ÷2× payment period × 1% = average monthly salary of employees in the province last year (1+ average monthly payment index of myself) ÷2× payment period × 1%. Individual endowment insurance is paid according to 20% of the payment base, of which 12% of the payment base is included in the overall account and 8% of the payment base is included in the personal account.

Legal basis: Article 11 of the Social Insurance Law of People's Republic of China (PRC) implements the combination of social pooling and individual accounts for basic old-age insurance. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.

Article 12 The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of employees stipulated by the state and record it in the basic old-age insurance pooling fund.

Employees shall pay the basic old-age insurance premium in accordance with the proportion of wages stipulated by the state and record it in their personal accounts.

Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employing unit and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premiums in accordance with state regulations and record them in the basic old-age insurance pooling fund and individual accounts respectively.