Pension increases are expected to be around 3.5% in 2023.
In 2023, retirees’ pensions will see their 19th consecutive increase. The calculation formula for retirement pensions in 2023 is: basic pension = pension calculation base in the year of retirement × (1 + individual average payment index) ÷ 2 × payment period × 1%
.
Personal account pension = personal account amount ÷ number of pension calculation months corresponding to retirement age.
In accordance with the provisions of the "Social Insurance Law", we must make timely adjustments to retirees' pensions based on the growth of employee wages and price growth.
As of the data for the first three quarters of 2022, wage income in residents' disposable income increased by 5.1%, and the consumer price index increased by 2%.
In addition, broad money M2 increased by 11.8% in October.
As of the end of September, my country's pension, unemployment and work-related injury fund had total revenue of 5.25 trillion yuan, expenditures of 4.89 trillion yuan, and a cumulative balance of 7.24 trillion yuan.
Individuals who participate in the basic pension insurance and have made cumulative contributions for 15 years when reaching the statutory retirement age will receive a basic pension on a monthly basis.
Urban and rural residents who are over 16 years old (excluding school students), are not staff of state agencies and institutions, and are not covered by the basic employee pension insurance system, can participate in urban and rural residents' pension insurance in their place of residence.
If the insured person moves his household registration during the payment period and needs to transfer the urban and rural residents’ pension insurance relationship across regions, the opinion stipulates that he can apply to transfer the pension insurance relationship in the place of move, and transfer the entire amount of the personal account in one go, and follow the regulations of the place of move.
Continue to participate in insurance and pay premiums, and the payment years will be calculated cumulatively.
Even if you participate in other social security systems (such as urban employee basic pension insurance), your personal account can be transferred in full.
Legal Basis: Article 12 of the Social Insurance Law: Employers shall pay basic pension insurance premiums in proportion to the total wages of their employees as prescribed by the state, and record them into the basic pension insurance pooling fund.
Employees must pay basic pension insurance premiums based on the proportion of their wages stipulated by the state and credit them into their personal accounts.
Individual industrial and commercial households without employees, part-time employees who have not participated in basic pension insurance in the employer, and other flexible employment personnel who participate in basic pension insurance shall pay basic pension insurance premiums in accordance with national regulations and record them separately in the basic pension insurance.
Insurance pooling funds and personal accounts.