It belongs to social security for free employment. At present, the retirement pension consists of basic pension and personal account pension (there are transitional pensions before the reform of the old-age insurance system). The calculation method is as follows: 1 When the insured person of the basic pension retires, the average monthly salary of employees in the whole province in the previous year+my average monthly payment salary) /2× payment period × 1%. II. Personal account of pensioner, number of months (50 years old 195, 55 years old 170, 60 years old 139).

Article 12 of the Social Insurance Law of People's Republic of China (PRC) * * * The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of employees stipulated by the state and record it in the basic old-age insurance pooling fund. Employees shall pay the basic old-age insurance premium in accordance with the proportion of wages stipulated by the state and record it in their personal accounts. Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employing unit and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premiums in accordance with state regulations and record them in the basic old-age insurance pooling fund and individual accounts respectively.