How to Calculate Retirement Length of Service

The old-age pension, also known as retirement pension and retirement fee, is one of the most important social pension insurance benefits. The pension at the time of retirement consists of two parts: Pension = Basic Pension + Personal Account Pension.

1. Individual account pension = individual account savings ÷ number of months of payment (195 at age 50, 170 at age 55, and 139 at age 60, and no longer uniformly 120).

2, the basic pension = (the province's average monthly wage of the previous year's on-the-job workers + my indexed average monthly contribution wage) ÷ 2 × years of contribution × 1% = the province's average monthly wage of the previous year's on-the-job workers (1 + my average contribution index) ÷ 2 × years of contribution × 1%.

3, enterprise workers retire, the calculation of retirement benefits is no longer in accordance with the length of service, but the number of years of contributions, the former state organs, institutions and state-owned, collective enterprises above the county employees, in the local reform of the basic pension insurance system of individual contributions before the consecutive years of service, deemed to be the number of years of contributions.