Hebei Province Pension Calculation Method

Hebei Province pension algorithm is the basic pension and personal account pension added to the calculation, different areas of the basic pension is different, the specific circumstances should be determined by the local government combined with the actual level of economic development to avoid the application of the law wrong situation.

I, Hebei Province, what is the formula for the pension algorithm?

The pension is a retiree's living expenses according to law, is the main part of the pension insurance treatment. The determination of the pension is generally based on the employee's income level at work, supplemented by the retirement age of the number of years of contributions (or years of service) of the pension insurance benefits. In accordance with the spirit of the International Labor Organization conventions, the determination of pensions must be considered to meet the basic living requirements of retired employees, and should also reflect the fruits of economic development and social progress.

Enterprise retirement pensions are mainly composed of a basic pension, personal account pension, transitional pension, and transitional adjustments:

1. The monthly standard of the basic pension is based on the average monthly salary of local on-the-job employees in the previous year, and the average of the average of the person's indexed monthly contribution salary, and 1% is issued for every year of contribution.

Calculation formula: basic pension = (the average monthly salary of local employees in the previous year at the time of the participant's retirement, the average monthly salary of the person's indexed contributions) ÷ 2 × the number of years of contributions × 1%

2. The monthly standard of the individual account pension is the amount of the individual account storage divided by the number of months of payment.

The formula is: individual account pension = the accumulated savings in the individual account at the time of retirement ÷ the number of months of payment

3. The monthly standard of transitional pension is based on the average indexed monthly contribution, and 1.2% is paid for every one year of contribution prior to the "united account".

Calculation formula: transitional pension = my indexed average monthly wages × the number of years of contributions before the unification of accounts × 1.2%

The second judicial interpretation

Basic pension consists of the basic pension, personal account pension and transitional pension, that is, the basic pension = basic pension, personal account pension, transitional pension. Among them, since China's pension insurance system was only gradually established from the 1990s, the transitional pension, as a transitional arrangement, is not enjoyed by everyone. Only those who joined the workforce before the implementation of the Decision of the State Council on the Establishment of a Unified Basic Pension Insurance System for Enterprise Employees (Guo Fa [1997] No. 26) and retired after the implementation of the Decision of the State Council on the Improvement of the Basic Pension Insurance System for Enterprise Employees (Guo Fa [2005] No. 38), and who have completed a cumulative total of 15 years' contributions (including deemed contributions), are entitled to the transitional pension, i.e., they will be entitled to a transitional pension in the event of The transitional pension is paid on top of the basic pension and personal account pension.

The calculation of the pension should be combined with the actual work in the local area, the more economically developed the place the higher the pension, and the less economically developed areas the pension is relatively small, the specific situation should be combined with the actual situation by the local government to formulate a legal and reasonable pension standards, the person can go to the social security department to consult the understanding.

Legal basis

The People's Republic of China **** and the State Social Insurance Law Article 16 Participation in the basic pension insurance individuals, to reach the legal retirement age of the cumulative contributions of fifteen years, the monthly basic pension. Retirement salary can be issued by the social security center starting from the next month after retirement, please consult the local social security agency for details.