Can I get a pension after paying endowment insurance 10 years?

Social endowment insurance is an important part of social security system and one of the five major social insurances.

To receive old-age insurance, the following conditions must be met: individuals who participate in the basic old-age insurance can receive a monthly pension when they reach the legal retirement age and have paid a total of 15 years.

So you have to pay 15 years, and you can get a pension when you reach retirement age. If you don't pay 15 years before retirement, the state will return 8% of the pension you paid in your personal account every month. However, the 20% that the company paid for you before retirement does not belong to you, and the state will allocate all these 20% pensions to the large fund pool of pension planning.

The collection of endowment insurance consists of two accounts: personal account pension+basic account pension.

Let's talk about personal accounts first.

Personal account pension amount = personal account storage amount ÷ personal account pension months. The amount of savings in a personal account is 8% of your monthly commitment and the money accumulated all the year round; The more personal account pensions, the later you retire, and the more pensions you can receive every month.

Let's talk about the basic account first.

The amount of basic pension = (the average salary of employees in the whole province last year+the average monthly salary of employees in the whole province last year × the payment index) ÷2× (the payment period × 1%+ the remaining payment months ×0.083%)

The higher the local per capita wage, the faster the economic development, the higher their own wages, the longer the payment period, and the more pensions they can receive every month.

In short, the more endowment insurance is paid, the longer it takes, and the more you can get after retirement.