Calculation of social security retirement formula

The calculation formula of retirement fee is as follows:

1, the basic pension is equal to the sum of the average monthly wages of local employees in the previous year when the insured person retires, plus the average monthly payment wage of the insured person, divided by 2, divided by the accumulated payment period of the individual, and then multiplied by1%;

2. The monthly standard of personal account pension is: the amount stored in my personal account divided by the number of months calculated;

3. If you reach the statutory retirement age, use the average monthly salary of employees in the whole province last year plus my indexed monthly average payment salary, divide the sum of the two by 2 to find the average, and then multiply the average by the percentage of my payment period, and the result is the basic pension of the payer.

The basic pension, also known as retirement fee, is the most important pension insurance treatment. Basic pension, that is, insurance benefits paid monthly or once in cash according to employees' contribution to society and their qualifications or retirement conditions, is mainly used to protect employees' basic living needs after retirement. Basic pension consists of basic pension, personal account pension and transitional pension.

Legal basis:

Interim Measures of the State Council on Retirement and Resignation of Workers Article 1 Workers in enterprises and institutions owned by the whole people, party and government organs and mass organizations shall retire if they meet one of the following conditions:

(a) men over 60 years of age, women over 50 years of age, continuous service for ten years.

(two) engaged in underground, high altitude, high temperature, particularly heavy physical labor or other harmful work, men over 55 years of age, women over 45 years of age, continuous service for ten years.

This provision also applies to grassroots cadres whose working conditions are the same as those of workers.

(3) The male has reached the age of 50, the female has reached the age of 45, and has worked continuously for ten years, and has been certified by the hospital and confirmed by the labor appraisal committee, and has completely lost the ability to work.

(four) work-related disability, certified by the hospital, and identified by the labor appraisal committee, completely lost the ability to work.