How much can you receive in social security pension

We calculate the part of the basic pension, the basic pension = (the average monthly salary of the employees on the job in the previous year in the region where I retired + the average monthly contribution salary indexed by me)/2 × the number of years of contribution × 1%.

Wherein, my indexed average monthly contribution salary = my average contribution index × my average monthly salary of on-the-job workers in the previous year in the region where I retired (i.e., the average social wage).

The average contribution index of the person is the ratio of the annual "salary amount of the person's contribution" (that is, the contribution base we mentioned earlier) to the "average social wage" of that year, and then divided by the number of years of contribution, since the salary amount and the average social wage are rising every year, the average social wage is also rising every year. Since both the salary and the average social wage increase every year, we assume that the salary and the average social wage increase every year are the same, and the average contribution index is 1.

For example:

Zhang Mou, who retired at the age of 60 and has paid social security contributions for 15 years, has retired and received a pension in Beijing, where the average social wage for the previous year was 7,706 yuan. Since the salary is changing every year, for the sake of calculation, we assume that the monthly salary for the past 15 years is 10,000 yuan, and the monthly personal contribution to the pension is 8%, or 800 yuan, which accumulates to 144,000 yuan in 15 years, which is the accumulated part of the personal account.

We first calculate the amount of personal account pension to receive, that is, personal account pension = personal account accumulation / the number of months of payment. 144000/139 = 1036 yuan.

Applied to the calculation of the work formula, the amount of basic pension is:

Basic pension = (7706 + 11559)/2 × 15 × 1% = 1445 yuan.

The total pension amount is 1036+1445=2481 yuan.

Expanded information:

The number of years of contributions (how many years of contributions can receive the pension) and the conditions for receiving it

According to the provisions of the Law on Social Insurance, those who have accumulated fifteen years of contributions by the time they reach the legal age of retirement will receive a basic pension monthly The basic old-age pension is paid on a monthly basis. Two points should be noted here, which must be met at the same time:

One is that you must have accumulated fifteen years of contributions. It can be discontinuous, but it must be accumulated to fifteen years before you can receive a monthly pension. If you have not contributed for fifteen years at the time of retirement, you can extend your contributions until you have completed fifteen years. If it is still less than fifteen years after five years of extended contributions, you can make a one-time contribution to the full fifteen years. Otherwise, you can only receive a lump sum of money in your personal account, and you can't get a penny of the money in your co-ordinated account.

The second is to reach the statutory retirement age. In other words, it is not the case that you don't have to pay for fifteen years, but if you have paid for fifteen years but have not reached the statutory retirement age, you still need to continue to pay.

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