Social security calculation formula 2023

It is estimated that pensions will increase by about 3.5% in 2023. In 2023, retirees' pensions will increase continuously by 19. The calculation formula of retirement pension in 2023 is: basic pension = pension calculation base in the year of retirement ×( 1+ average individual contribution index) ÷2× payment period × 1%. Personal account pension = personal account amount ÷ number of months of pension calculation corresponding to retirement age.

According to the provisions of the Social Insurance Law, the pensions of retirees should be adjusted in a timely manner according to the wage growth and price growth of employees. According to the data of the first three quarters of 2022, the wage income in per capita disposable income increased by 5. 1%, and the consumer price index increased by 2%. In addition, the broad money M2 increased by 1 1.8% in June. By the end of September, the total income of China's pension unemployment work injury fund was 5.25 trillion yuan, the expenditure was 4.89 trillion yuan, and the accumulated balance was 7.24 trillion yuan.

Individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have paid 15 years when they reach the statutory retirement age. Staff of non-state organs and institutions and urban and rural residents who have reached the age of 16 (excluding students at school) and are not included in the basic old-age insurance system for employees can participate in the old-age insurance for urban and rural residents at their domicile. If the insured person's household registration changes during the payment period and needs to transfer the pension insurance relationship between urban and rural residents across regions, the opinion stipulates that you can apply for the transfer of the pension insurance relationship at the place where you move in, transfer all the stored amount in your personal account at one time, and continue to pay for the insurance in accordance with the regulations of the place where you move in, and the payment period is calculated cumulatively. Even if you participate in other social security systems (such as basic old-age insurance for urban workers), your personal account can be transferred in full.

legal ground

Social insurance law

Article 12 The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of 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.

Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employing unit and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premiums in accordance with state regulations and record them in the basic old-age insurance pooling fund and individual accounts respectively.