Personal account pension calculation formula Personal account pension = personal account storage amount ÷ number of months corresponding to my retirement age.
Transitional pension calculation formula Transitional pension = the average monthly salary of employees in the whole province in the previous year after retirement ××× (deemed payment period+actual payment period before establishing personal account )×1.4%.
Note: The average payment wage index of overall pension and transitional pension is the average of the payment wage index of the insured over the years. The wage index of the insured person in the current year is the total wage of the insured person in the current year divided by the average annual wage of employees in the whole province in the previous year. Insured persons with deemed payment years shall take 1.0 as the annual index of deemed payment years.
National overall planning of basic old-age insurance refers to the coordinated development of national basic old-age insurance with the guidance of Scientific Outlook on Development, with unified system regulations, unified fund dispatching and use, unified handling management and unified information system as the main line.
The so-called overall planning is to plan the collection, management and use of endowment insurance funds in a certain range. The overall planning area is responsible for the balance of the endowment insurance fund in this area, and the balance is mainly dominated and used by this overall planning area. The gap generally needs to be filled by the government at the same level and the finance at the same level.
At present, China's old-age insurance model is a combination of social pooling and personal account, with the social pooling part implementing the pay-as-you-go system and the personal account part implementing the fund accumulation system. The premiums paid by the insured and enterprises for the social pooling part are not used for personal accumulation, but mainly used for issuing pensions for retired people; Similarly, the social pooling pension received by the insured after retirement does not come from the premiums paid by himself before, but from the premiums paid by working young people.
Legal basis:
Article 11 of the Social Insurance Law of People's Republic of China (PRC) * * * The basic old-age insurance shall combine social pooling with individual accounts. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.