1. For the insured who participated in the basic old-age insurance after July 1, 1998, The calculation formula of basic pension is:

basic pension = (the average monthly salary of employees in the last year in the province+the average monthly payment salary indexed by myself) ÷2× payment years (including deemed payment years) ×1% = the average monthly salary of employees in the last year in the province (1+ the average payment index by myself) ÷2× payment years ×1%

Note: my index. 2. Pension = basic pension+personal account pension

Those who participate in the social pooling of the basic old-age insurance for urban enterprise employees reach the retirement age stipulated by the state, and the actual payment period (including deemed payment period, the same below) is over 15 years, and the basic pension is paid monthly. According to the latest pension calculation method, employees' retirement pension consists of two parts.

Extended information:

Relevant laws and regulations:

1. Article 11 of the Social Insurance Law of the People's Republic of China * * * The basic old-age insurance combines social pooling with individual accounts.

The basic old-age insurance fund consists of contributions from employers and individuals and government subsidies.

2. Article 12 The employing unit shall pay the basic old-age insurance premium in proportion to the total wages of its employees as stipulated by the state and record it in the basic old-age insurance pooling fund.

employees should pay the basic old-age insurance premium according to the proportion of their salary 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 account respectively.

3. Article 13 Before employees of state-owned enterprises and institutions participate in the basic old-age insurance, the basic old-age insurance premiums that should be paid during the period of deemed payment shall be borne by the government.

when the basic old-age insurance fund is under-paid, the government gives subsidies.

4. Article 15 The basic pension consists of overall pension and individual account pension.

The basic pension is determined according to the accumulated years of individual contributions, contributions wages, average wages of local employees, personal account amount, average life expectancy of urban population and other factors.

Baidu Encyclopedia-Basic Pension

Baidu Encyclopedia-Social Insurance Law of the People's Republic of China.