What is the calculation method of pension?

Legal analysis: Basic pension refers to the pension paid to retirees from the basic pension insurance pooling fund. The monthly standard of basic pension at retirement is based on the average monthly salary of local employees in the previous year and my indexed monthly salary, and the payment is paid to 1% every1year. Basic pension = average monthly salary of employees in the overall planning area+average monthly payment salary of myself) /2 × payment period ×1%; Personal account pension refers to the pension calculated according to the personal account storage of basic old-age insurance when the insured retires. Personal account pension = personal account storage amount ÷ months.

Legal basis: People's Republic of China (PRC) Social Insurance Law.

Fifteenth basic pension consists of overall pension and individual account pension. The basic pension is determined according to factors such as individual cumulative payment years, payment wages, average salary of local employees, personal account amount, average life expectancy of urban population, etc.

Sixteenth individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have accumulated contributions for 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.

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The above answer is only for the current information combined with my understanding of the law, please refer carefully!

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