Is social security really overpaid?

1. Pension insurance must pay the prescribed minimum number of years (generally 15 years), and you can enjoy pension benefits only when you reach retirement age (60 years for male employees, 50 years for female employees and 55 years for female cadres). The retirement age of freelancers shall be implemented according to local regulations.

2. The main factors that affect the pension level are: the average salary of local society in the last year before retirement, the level of payment base, the length of payment period and so on. Basic formula: basic pension = average monthly salary of employees in the whole city one year before retirement ×20%+ personal account principal and interest and ÷ 120+ adjustment coefficient. The actual calculation formula will vary from place to place and be influenced by local policies.

3. Old-age insurance follows the principle of "pay more and get more". It is recommended to pay the fee normally until retirement age, without special circumstances.