Calculation method of social security pension

The calculation formula of social security pension is: personal account pension = cumulative payment months of personal account * average monthly payment salary /240.

The calculation method of social security pension is determined according to individual payment history, payment base and local endowment insurance policy. The cumulative payment months of individual accounts refer to the months when individuals pay endowment insurance. The average monthly payment salary refers to the average salary level of individuals during the payment period, which is calculated and determined by the Social Security Bureau according to the individual payment situation. 240 is a fixed value, representing the number of payment months that the insured retires from 16 to 60 (male) or 55 (female).

The pension processing flow is as follows:

1. Choose an old-age insurance plan: choose an appropriate old-age insurance plan according to your own needs and economic situation;

2. Apply for old-age insurance: apply for old-age insurance from local social security agencies or insurance companies, fill in relevant application forms and submit necessary supporting documents;

3. Pay the endowment insurance premium: pay the endowment insurance premium according to the prescribed payment standard and frequency;

4. Accumulate old-age insurance: With the increase of age and the accumulation of insurance premiums, individual old-age insurance will gradually increase;

5. Retirement and pension: After reaching retirement age, you can apply to social security agencies or insurance companies for pension as a source of income after retirement.

To sum up, the inquiry methods of different regions and different endowment insurance institutions may be slightly different, subject to the provisions of local endowment insurance institutions.

Legal basis:

Article 11 of the Social Insurance Law of People's Republic of China (PRC)

The basic old-age insurance combines social pooling with individual accounts. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.

Article 14

Personal accounts shall not be withdrawn in advance, and the bookkeeping interest rate shall not be lower than the bank time deposit interest rate, and interest tax shall be exempted. If an individual dies, the balance of the individual account can be inherited.

Article 15

The 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.