Need to pay 15 years.

pension

Endowment insurance for urban and rural residents consists of basic pension and personal account pension, which is paid for life.

The government pays the basic pension in full to urban and rural residents who meet the conditions for receiving the pension insurance for urban and rural residents.

For the insured who meet the requirements of receiving monthly pension insurance for urban and rural residents, the basic pension 4 yuan will be increased every month for every increase of 1 year on the basis of 15 years. The monthly basic pension standard will be adjusted with the economic development and price changes of our province and the length of individual payment period. The required funds shall be shared by the provincial finance and the finance of cities, counties and autonomous counties in accordance with the proportion stipulated in the first paragraph of Article 6.

The monthly calculation and payment standard of personal account pension is the total storage amount of personal account divided by the calculation and payment coefficient (the same as the current calculation and payment coefficient of personal account pension of basic old-age insurance for urban employees). When the amount stored in the personal account is insufficient to pay the personal account pension, it will be paid by the social pooling account fund of the urban and rural residents' pension insurance. When the social pooling account fund is insufficient to pay, it shall be compensated by the finance of the city, county and autonomous county.

Policy source: Interim Measures for Basic Endowment Insurance for Urban and Rural Residents in Hainan Province