Calculation formula of retirement social security

Hello! Your reply on the calculation formula of retirement salary increase is as follows: basic pension: the monthly standard of basic pension is based on the average monthly salary of local employees in the previous year when the insured retires (the original industry co-ordinating unit is calculated according to the average monthly salary of employees in the whole province, the same below) and the average of my indexed monthly average payment salary, and the payment is paid to l% every 1 year. 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× individual cumulative payment years ×l% the average monthly payment salary of the insured = the average monthly salary of employees in the whole province in the previous year when the insured retires × the average monthly payment salary index of the insured.

Legal objectivity:

Article 17 of the Social Insurance Law, if an individual who participates in the basic old-age insurance dies due to illness or non-work, his survivors can receive funeral subsidies and pensions; Persons who have completely lost their ability to work due to illness or non-work-related disability before reaching the statutory retirement age can receive disability allowance. The required funds are paid from the basic old-age insurance fund.