Checking social security online, what does the accumulated amount of pension insurance in it refer to? How to calculate in the future, what is the use

The amount of pension insurance refers to the money in the personal account.

The formula for calculating the pension: basic pension for "middle-aged people" = basic pension + personal account pension + transitional pension = average monthly salary of city employees in the year before retirement × 20% (15% for those with less than 15 years of contributions) + principal and interest on personal account ÷ 120 + indexed average monthly salary × years of contributions before the end of 1997 × 1.4%." The basic pension for "newcomers" = basic pension + personal account pension.

The basic pension is calculated at 20% of the average monthly salary of the employees in the city in the previous year at the time of retirement, and the individual account pension is calculated by dividing the amount of savings in one's account by 120. (For objective reasons, the calculation standard may be different in some cities across the country.) With the above formula, the amount of personal account pension will directly affect the amount of monthly pension after retirement.

Due to the differences in income levels and the extent of reforms across the country, there are also differences in the standards for calculating pensions. Assuming that Mr. Zhang, a resident of a city affiliated with the "middle man", has an average monthly salary of 4,000 yuan and a pension insurance contribution period of 10 years, and assuming that the average monthly salary is 3,000 yuan after 10 years, how much of a pension will he receive before and after the policy change after retirement? According to the current pension system, Mr. Wang will receive a monthly pension after retirement = RMB 3,000 × 15% + RMB 4,000 × 11% × 12 × 10 ÷ 120 = RMB 890; the contribution period before the end of 1997 × 1.4%" portion is ignored, the same below). The size of the individual pension account will be adjusted from 11% to 8% of my contribution salary, Mr. Wang can receive a monthly pension after retirement = 3,000 yuan × 15% + 4,000 yuan × 8% × 12 × 10 ÷ 120 = 770 yuan.

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