What is the formula for calculating social security benefits

The formula for calculating social security benefits is that the pension is equal to the basic pension plus the personal account pension. The personal account pension is equal to the amount of personal account savings divided by the number of months of payment, 195 at age 50, 170 at age 55, and 139 at age 60.The basic pension is equal to the province's average monthly salary of the previous year's on-the-job workers plus the average indexed monthly salary of the contributors, divided by 2 and multiplied by the number of years of contributions. Social security is a kind of national welfare, including medical insurance, pension insurance, maternity insurance, work injury insurance and unemployment insurance, which guarantees people's living standard.

The Social Insurance Law of the People's Republic of China

Article 15

The basic pension consists of a co-ordinated pension and a personal account pension.

The basic pension is determined on the basis of the individual's accumulated years of contribution, the contribution wage, the average wage of local workers, the amount of the individual account, and the average life expectancy of the urban population. Article 16

Individuals who have participated in basic old-age insurance and who have accumulated fifteen years of contributions by the time they reach the legal retirement age shall receive a basic pension on a monthly basis.

Individuals who have participated in basic pension insurance and have contributed for less than fifteen years by the time they reach the statutory retirement age may contribute until they reach fifteen years and receive a basic pension on a monthly basis; they may also be transferred to the new type of rural social pension insurance or the urban residents' social pension insurance, and shall enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council.