How to pay the old-age insurance premium in Ontario this year

Social security is calculated according to the accumulated payment period. Among them, the pension insurance must be paid for at least 15 years, and you can enjoy the pension for life when you retire. Of course, the more you pay, the longer you pay, and the better your pension benefits will be. Men have to pay for medical insurance for 30 years, and women have to pay for 25 years before they can enjoy medical insurance benefits after retirement;

There are many factors that affect retirement pension benefits, which are related to your payment period, historical average payment ratio, money in personal account, retirement age, local social salary in the previous year and so on. However, there is a principle to refer to. Other things being equal, the more you pay each year and the longer you pay, the better your future pension benefits will be.

Pension calculation formula for your reference:

1. basic pension = (when retiring, the average monthly salary of employees in the whole province last year is ten times the average monthly payment salary) /2 × payment period) × 1%.

2. Personal account pension = the amount of personal account storage at retirement/the number of months corresponding to my retirement age.

Pension = basic pension+personal account pension. Specific suggestions are in the consultation of the local social security bureau.