Pension increase of 4.5 is how much

The pension increase of 4.5 is a 4.5% increase in monthly pension over the previous year. In 2021, for example, the maximum pension after a 4.5 pension increase will be $7,078.

Pension increases are decided by the government based on the economic situation and the state of the social security fund, and are usually officially released in November each year. In recent years, pension increases have been relatively stable, generally ranging from 3 percent to 6 percent. In 2021, for example, according to the pension increase of 4.5, participants' pensions will increase by 4.5% compared to the previous year. Specifically, the highest pension will rise from $6,856 to $7,078, and the lowest pension from $1,554 to $1,619. Meanwhile, the medium and lower pensions will also see corresponding increases. It should be noted that the rate of pension increase is related to the amount of social security contributions, the cumulative contribution time and other factors, and the rate of increase may vary in different regions and among different groups of people.

Are there other factors that will affect the rate of pension increase? In addition to the government's determined rate of increase, the balance of income and expenditure of the social security fund will also affect the rate of pension increase. If the social security fund has a deficit or loss, it may lead to restrictions or adjustments in the rate of pension increase. In addition, the salary level and contribution amount of the insured person, the accumulated contribution time and other factors will also affect the amount of the pension.

Knowing the rate of pension increase is important for planning one's retirement life and pension plan. Participants can pay attention to the pension increase rates released by the government and plan their retirement according to their actual situation. At the same time, it is also necessary to pay attention to the criteria for calculating pensions and the impact of various factors in order to make more accurate and reasonable decisions.

Legal basis:

Provisional Regulations on the Payment of Wages in the People's Republic of China and the People's Republic of China Article 1 In order to safeguard the right of workers to receive remuneration for their work through labor, and to regulate the payment of wages by employers, these regulations are formulated in accordance with the relevant provisions of the "Chinese People's Republic of China and the People's Republic of China Labor Law".