How much pension can I get? Pension collection process

After retirement, the pension is mainly divided into two parts: individual account and overall account, which correspond to individual pension and basic pension respectively, and the pension that can be received in the end is only the sum of the two.

The specific formula is as follows: basic pension = average monthly salary of local employees in the previous year (1+ average payment index) /2* payment years *1%; Personal pension = personal account pension savings ÷ payment months.

For example, the average monthly salary of local society is about 7,000 yuan, so the basic pension is 840 yuan every month. If your personal account has a balance of 50,000 yuan, and you can receive 360 yuan's personal pension every month after you retire at the age of 60, you can receive the pension 1.200 yuan every month.

What is the pension collection process?

Within one month before the insured reaches retirement age, the social security administrator of the unit or the insured himself needs to submit the relevant materials of the application for surrender to the social security agency.

Then the staff of social security and public institutions will review the information submitted by everyone, issue retirement certificates that meet the relevant treatment conditions, and receive basic pensions on a monthly basis next month.

After you get the employee's retirement certificate, you need to bring your retirement certificate, ID card and social security card to the designated bank for pension next month, then issue the card, and then provide the bank account number to the staff of the social security agency. The social security department will put the pension into this account every month.