Pension payment standard for Shandong residents in 2024

According to the relevant notice issued by the Department of Human Resources and Social Security of Shandong Province, in 2024, the payment standard of endowment insurance for residents in Shandong Province is as follows:

1. Individual payment grades: set to ten grades: 100 yuan, 300 yuan, 500 yuan, 600 yuan, 800 yuan, 1000 yuan, 1500 yuan, 2,000 yuan, 2,500 yuan and 3,000 yuan per year. The insured can choose the appropriate payment grade according to their own economic conditions.

2. Government subsidy: For the insured who chooses the payment grade of 100 yuan, the government subsidizes 30 yuan; The insured person who chooses the payment grade in 300 yuan is subsidized by the government in 60 yuan; The insured person who chooses the payment grade in 500 yuan is subsidized by the government in 90 yuan; Government subsidy 120 yuan for the insured who chooses the payment grade from 600 yuan to 800 yuan; For the insured who chooses 1000 yuan to 2,000 yuan, the government subsidizes 150 yuan; For the insured who choose the payment grade of 2,500 yuan to 3,000 yuan, the government subsidizes 180 yuan.

3. Collective subsidy: Conditional village (neighborhood) collectives give subsidies to village (neighborhood) residents' insurance contributions, and the subsidy standards are determined by the village (neighborhood) committees democratically. Encourage other economic organizations, social welfare organizations and individuals to provide financial support for the insured. The sum of collective subsidies and other economic organizations, social welfare organizations and individual subsidies shall not exceed the maximum payment grade.

The setting of the payment standard for residents' old-age insurance in Shandong Province aims at ensuring residents' basic old-age needs, and at the same time, considering residents with different economic conditions, it sets a number of payment grades. The establishment of government subsidies can encourage the insured to choose a higher payment grade and improve the accumulation of personal accounts. Providing collective subsidies and other financial assistance can reduce the economic burden of the insured and increase the participation rate.

In practice, the insured should choose the appropriate payment grade according to their own economic conditions and pension needs. At the same time, pay attention to changes in government policies, adjust payment grades in time, and make full use of government subsidies. In addition, village (neighborhood) collectives, other economic organizations, social welfare organizations and individuals are encouraged to provide financial support for the insured and jointly build a multi-level endowment insurance system.

To sum up, in 2024, Shandong residents' pension insurance payment standard set ten payment grades, government subsidies were linked to payment grades, and collective subsidies and other subsidies were also improved. Insured persons should choose appropriate payment grades according to their own economic conditions and pension needs, pay attention to policy changes and make full use of government subsidies. At the same time, encourage all sectors of society to provide financial support for the insured and jointly build a multi-level old-age insurance system.

Legal basis:

People's Republic of China (PRC) social insurance law

Chapter II Basic Endowment Insurance

Article 11

The basic old-age insurance combines social pooling with individual accounts. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.