How to calculate Guangdong endowment insurance

How to calculate Guangdong endowment insurance

The calculation method of Guangdong endowment insurance is mainly determined according to the individual's payment base and payment period.

First, determine the payment base.

The payment base of endowment insurance is determined according to the wage income of employees. The higher the monthly salary of employees, the higher the payment base, which affects the payment amount of endowment insurance and the final pension benefits.

Second, calculate the payment amount.

The payment amount of endowment insurance is calculated according to the payment base and proportion. In Guangdong, the contribution rates of units and individuals are XX% and XX% respectively. Specific payment amount = payment base × payment ratio.

Third, the term of payment.

The payment period refers to the period in which employees actually pay endowment insurance premiums. The longer the payment period, the higher the pension benefits. In Guangdong, the minimum payment period is 15. Those who have not reached the minimum payment period cannot receive the basic pension on a monthly basis.

Fourth, calculate pension benefits.

Basic pension consists of basic pension and personal account pension. The monthly standard of basic pension 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% every full year. The monthly standard of personal account pension is the amount of personal account storage divided by the number of months, which is determined according to the average life expectancy of urban population when employees retire.

To sum up:

The calculation method of Guangdong old-age insurance is mainly determined according to the individual's payment base, payment period and payment ratio. The specific calculation methods include determining the payment base, calculating the payment amount, payment period and calculating the pension benefits. At the same time, the government will standardize and adjust the calculation and distribution methods of endowment insurance according to relevant laws and regulations.

Legal basis:

Article 12 of the Social Insurance Law of People's Republic of China (PRC) stipulates that the employer shall pay the basic old-age insurance premium according to the proportion of the total wages of its employees stipulated by the state and record it in the basic old-age insurance pooling fund. Employees shall pay the basic old-age insurance premium in accordance with the proportion of wages stipulated by the state and record it in their personal accounts.

Article 16 of the Social Insurance Law of People's Republic of China (PRC) stipulates that individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis when they reach the statutory retirement age and have paid the accumulated contributions for fifteen years. 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.