What do you mean, the pension account balance is more than 20 thousand

Explain that the current pension account balance has exceeded 20,000 yuan, indicating that a considerable amount of social security pension insurance has been paid during work, and these funds have been accumulated in your personal pension account. When you retire, this account balance will become one of the important bases for enjoying the pension, so the higher the account balance, it may mean that your pension benefits will be better in the future.

Pension account is an individual's pension insurance account in social security payment, including the pension insurance paid by individuals and the state's subsidies for individual pension insurance. Retirement qualification and the enjoyment of pension benefits depend on the balance of pension accounts and regional policies.

What does the balance of pension account mean?

The balance of pension account refers to the share of pension insurance and accumulated interest paid by individuals, which is used for monthly pension payment after employees reach retirement age. It is an important part of providing for the aged.

The longer the individual's contribution period, the more pension he can receive after retirement. When you retire, you will calculate the personal account balance according to the prescribed calculation method. Usually, you will divide the account balance by 120 months or the average remaining life months to get the monthly pension personal account amount. In addition, other factors such as overall planning and adjustment will be added to form all pension benefits.