Calculation formula of pension for retired workers in Yangzhou City, Jiangsu Province in 2023

The base of pension calculation and payment is the base of pension insurance payment. The payment base of endowment insurance varies from region to region. Will refer to the average salary of employees in the previous year, and then calculate the payment amount of endowment insurance according to the payment ratio. The calculation base of pension is related to the individual's salary and also affects the amount of pension in the future.

The calculation formula of Jiangsu pension in 2023 is as follows:

1, basic pension = pension calculation base ×( 1+ my average contribution wage index) ÷2× accumulated payment years (including deemed payment years, excluding conversion years) × 1%.

2, personal account pension = personal account accumulated amount ÷ calculation base.

3. Transitional pension = calculated storage amount120.

4. Basic pension = basic pension+personal account pension+transitional pension.

Enterprise retirement pension is mainly composed of basic pension, personal account pension, transitional pension and transitional adjustment fund: 1. The monthly standard of basic pension is based on the average monthly salary of local employees in the previous year and my indexed monthly salary, and it is paid to 1% every1year. The calculation formula is: basic pension = (the average monthly salary of local employees in the previous year when the insured retires+the average monthly payment salary of the insured); 2 Payment period 1%. 2. The monthly standard of personal account pension is the amount of personal account storage divided by the number of months. The calculation formula is: personal account pension = personal account accumulation when the insured retires; Calculated number of months 3. The monthly standard of transitional pension is based on my indexed monthly average payment salary, and the payment period before "unified account combination" is paid to 1 year .2%. The calculation formula is: transitional pension = payment period of my indexed monthly average payment salary before unified account integration, 1.2%. 4. The transitional adjustment fund is based on the current local standards, and retirees from 2006 to 20 14 will be paid in a certain proportion. After 20 15, the transitional adjustment fund will no longer be issued.

The payment of endowment insurance needs to be shared by companies and individuals, of which companies need to bear 20% and individuals only need to bear 8%. The payment amount of endowment insurance will be calculated according to the proportion of payment and the calculation base of pension. Under normal circumstances, the proportion of employees' social security contributions is at least 60% and at most 300%.

Legal basis:

Article 16 of People's Republic of China (PRC) Social Insurance Law

Individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have paid a total of fifteen years when they reach the statutory retirement age. Individuals who participate in the basic old-age insurance and pay less than fifteen years when they reach the statutory retirement age can pay for fifteen years and receive the basic pension on a monthly basis; Can also be transferred to the new rural social endowment insurance or urban residents' social endowment insurance, enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council.

Article 18 The state establishes a normal adjustment mechanism for basic pensions. According to the average wage increase and price increase of employees, the basic old-age insurance treatment level will be improved in a timely manner.