The principal is the amount paid by the individual (similar to depositing money in a bank, the money we put into our personal account is the principal).

Personal account pension = personal account storage amount ÷ number of months for personal account pension calculation; extended information: Article 15 of the "Social Insurance Law of the People's Republic of China" The basic pension consists of the overall pension and the personal account pension

.

The basic pension is determined based on the individual’s cumulative contribution years, contribution salary, average salary of local employees, personal account amount, average life expectancy of the urban population and other factors.

Article 16 Individuals who participate in the basic pension insurance and have made cumulative contributions for fifteen years when they reach the legal retirement age shall receive a basic pension on a monthly basis.

Individuals participating in basic pension insurance who have paid less than fifteen years of cumulative contributions when they reach the legal retirement age can pay for fifteen years and receive basic pensions on a monthly basis; they can also transfer to new rural social pension insurance or urban resident social pension insurance.

, enjoy corresponding pension insurance benefits in accordance with the regulations of the State Council.

Article 17 If an individual participating in the basic pension insurance dies due to illness or not due to work, his or her surviving family members may receive funeral subsidies and pensions; if an individual becomes disabled due to illness or not due to work before reaching the legal retirement age, he or she completely loses the ability to work.

Yes, you can receive disability allowance.

The required funds are paid from the basic pension insurance fund.

Article 18 The state establishes a normal adjustment mechanism for basic pensions.

Based on the growth of average wages of employees and rising prices, the level of basic pension insurance benefits will be increased in a timely manner.

Article 19 If an individual is employed across a coordinating area, his or her basic pension insurance relationship will be transferred with the individual, and the years of payment will be calculated cumulatively.

When an individual reaches the statutory retirement age, the basic pension is calculated in segments and paid uniformly.

The specific measures by the State Council.

Article 20 The state establishes and improves a new rural social pension insurance system.

The new rural social pension insurance combines individual contributions, collective subsidies and government subsidies.

Article 21 New rural social pension insurance benefits consist of basic pension and personal account pension.

Rural residents who participate in the new rural social pension insurance and meet the conditions prescribed by the state will receive new rural social pension insurance benefits on a monthly basis.