The basic employee pension algorithm reveals hot knowledge about social security policies

It’s the end of the year, and it’s almost time for collective pension increases at the beginning of next year. The public’s attention to pension issues is also increasing. Although everyone knows that pensions are calculated for retirees by the Ministry of Human Resources and Social Security through a series of formulas, the relevant formulas and algorithms have rarely been reported publicly over the years, making them an open secret. Today, Beijing Times reveals the pension algorithm and various variables and conditions to the public, helping the public to peel back the cocoons and see the secrets.
How much do you know about pensions
What are the conditions for receiving a basic pension?
Interruptions are allowed after full years of cumulative contributions

The basic pension is determined based on the individual’s cumulative contribution years, contribution salary, average salary of local employees, personal account amount, average life expectancy of the urban population and other factors .
There are two necessary conditions for receiving a basic pension. First, individuals participating in basic pension insurance must reach the legal retirement age, and secondly, the cumulative payment time limit for pension insurance premiums must be full years. Only in this way can you receive the basic pension on a monthly basis.
It needs to be reminded that my country’s current legal retirement age for employees is one year old for men, one year old for female workers, and one year old for female cadres. For employees engaged in special types of work, the retirement age is one year old for men and one year old for women, and employees who have been confirmed by the Municipal Labor Appraisal Committee to have completely lost the ability to work can apply for medical retirement procedures.
In addition, the year is the time limit for the cumulative payment of pension insurance premiums. Interruptions are allowed and there is no need to pay consecutive years.

What factors determine the pension amount?
The longer the term, the higher the contribution and the greater the amount.
The basic pension for employees mainly includes two parts: basic pension and personal account pension. In addition, for insured persons who started working before the 3rd of the year and meet the conditions for receiving basic pensions on a monthly basis after the 3rd of the year, in addition to receiving the basic pension and personal account pension on a monthly basis, an additional transitional pension will be paid. gold.
The longer the payment period, the greater the calculation and payment ratio of basic pension and transitional pension. The higher the payment level, the actual payment index will increase accordingly, and the results of calculating basic pension and transitional pension will be more High, which also reflects the principle of my country’s pension insurance: the more you pay, the more you get.
In the same natural year, the average salary of employees in this city remains unchanged, so the factors that affect the basic pension level are the individual payment base and payment years. There is no difference in calculating the basic pension between pension insurance paid according to the same payment base and supplementary payment. Therefore, if the pension insurance is paid again after interruption, it will not affect the calculation of the basic pension.
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