When did the old-age insurance policy come into effect?

Endowment insurance starts from the earliest contract worker endowment insurance 1986. Then 1988, the state issued the endowment insurance for enterprise employees, but the establishment of the endowment insurance account started according to the document of the State Council [1995]6. At this time, employees began to pay in proportion to their wages.

However, some provinces began to pay back from 1993, and some provinces began to establish accounts from 1996. After that, Guofa [1997] No.26 further standardized the corresponding business. Taking Heilongjiang, Hebei and Liaoning as the pilot areas, the policy was adjusted in document No.38 [2005] of the State Council, and then the Social Insurance Law was promulgated.

Endowment insurance is a social insurance system established by the state in accordance with the provisions of relevant laws and regulations, in order to ensure that workers reach the working age limit stipulated by the state for lifting the labor obligation of endowment insurance or the basic life after quitting their jobs because of old age and incapacitation. The purpose is to ensure the basic needs of the elderly through social insurance and provide them with a stable and reliable source of life.

The deemed payment period in the old-age insurance refers to the time that fixed employees worked continuously according to the state regulations before the implementation of the basic old-age insurance premium system jointly paid by enterprises and employees, which can be regarded as "deemed payment period" and can be combined with the actual "payment period" to calculate and pay the old-age insurance benefits. In addition, after the formal employees of government agencies and institutions are transferred to enterprises, they should participate in the basic old-age insurance for enterprise employees, and their original working years are regarded as payment years; Demobilized veterans and urban educated youth who go to the countryside are recruited as contract workers and participate in basic old-age insurance, and their length of military service and rural areas are calculated as continuous length of service according to state regulations, which can be regarded as the payment period.

What are the components of pension?

Basic pension consists of basic pension and personal account pension. The monthly standard of basic pension is based on the average monthly salary of employees in this city last year and my average monthly salary, and the payment is paid to 1% every full year. The monthly standard of personal account pension is the amount of personal account storage divided by the number of months stipulated by the state. 1The insured who joined the work before June 30, 1998 and met the requirements of receiving basic pension on a monthly basis after June 30, 2006 will receive basic pension and personal account pension on a monthly basis, and then be given transitional pension. The specific transitional measures shall be formulated by the municipal labor and social security administrative department and implemented after being approved by the Municipal People's Government.

The main factors affecting the pension benefits are: the average social wage in the previous year, the length of service, the actual payment base in each year, the amount of personal account storage, and the payment period.

Legal basis:

People's Republic of China (PRC) social insurance law

Tenth employees should participate in the basic old-age insurance, the basic old-age insurance premiums paid by the employer and employees.

Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employer and other flexible employees can participate in the basic old-age insurance, and individuals pay the basic old-age insurance premium.

The measures for the endowment insurance of civil servants and staff managed by reference to the Civil Service Law shall be formulated by the State Council.

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.