Calculation formula of social security retirement salary

Legal analysis: 1, 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 and the average monthly salary of my indexed contribution. Pay L% every 1 year. 2. The calculation formula is: when the insured retires, the average monthly salary of local employees in the previous year+the average monthly payment salary of himself) ÷2× the accumulated payment period of individuals × the average monthly payment salary of ×L% people. When the insured person retires, the average monthly salary of employees in the whole province in the previous year × the average payment wage index of himself. 3. The insured pays the basic old-age insurance premium to the required retirement age. The average wage index of the insured refers to the average wage index of the insured over the years from 1995 to the last year before retirement. The wage index of the insured in the current year refers to the ratio of the amount of wages paid in the current year to the average wage of employees in the province.

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 can pay less than 15 years when they reach the statutory retirement age. You can receive the basic pension on a monthly basis and transfer it to the new rural social endowment insurance or urban residents' social endowment insurance, and enjoy the corresponding pension insurance benefits according to the regulations of the State Council.