How to calculate the withholding of basic old-age insurance?

The withholding basic old-age insurance is calculated according to the payment standard stipulated by the state, and its payment ratio is 16%, employee salary 16%, and employee salary 16%. The base of payment is the salary income of employees, but the upper and lower limits are 300% and 60% of the average monthly salary of local employees respectively. The specific calculation method is as follows:

The part of company remittance is equal to the employee's salary multiplied by 16%.

The individual contribution is equal to the employee's salary multiplied by 16%.

It should be noted that in different regions or industries, due to differences in policies, economy, society and other factors, the payment standards and calculation methods of endowment insurance may also be different. At the same time, in order to avoid the shortage of pension due to insufficient payment time of old-age insurance after retirement, it is suggested that individuals can appropriately choose the payment ratio and payment base higher than the minimum payment standard when paying old-age insurance, so as to improve the pension level.

Pension payment conditions are as follows:

1. Age condition: personal account pension is paid to1employees aged from 6 to 60, and the retirement age is 60 for men and 50 for women (except special professionals);

2. Participation: Personal account pension is paid to on-the-job employees and flexible employees, and needs to be paid at the local social security agency or social security agency;

3. Payment base: the payment base of individual account pension is stipulated by the local government and remains stable during the payment period, which is generally the payment base for participating in the basic old-age insurance for local urban workers;

4. Payment period: the payment period of personal account pension is 15 years or more, but the specific payment period depends on local policies and regulations.

To sum up, the payment conditions of personal account pension in different regions may be different, so it is recommended to know the local policies and regulations carefully before payment. In addition, for freelancers and part-time workers, you can choose the appropriate old-age security method according to your personal situation.

Legal basis:

Article 12 of the Social Insurance Law of People's Republic of China (PRC)

The employing unit 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 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.