Calculation formula for receiving social security

Legal analysis: Generally, the pension calculation formula only includes two parts, basic pension and personal account pension. Calculation formula of basic pension: the local average social wage in the previous year at the time of retirement ×( 1+ my average contribution index) ÷2× years of contribution × 1%. Simply put, the basic pension is linked to the payment period, my average payment index, social wages and other factors. If you pay according to the grade of 100%, you can get 1% of the average social wage in the previous year.

Legal basis: Article 15 of the Social Insurance Law of People's Republic of China (PRC) 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.