Pension insurance interest is not less than 0.245%.

For urban and rural residents’ pension insurance, the personal account interest rate refers to the interest income earned from the pension insurance storage part in the personal account.

According to relevant national regulations, the interest rate on personal accounts of urban and rural residents’ pension insurance should not be lower than 70% of the interest rate on bank demand deposits.

At present, bank demand deposit interest rates are generally around 0.35% nationwide, so the interest rates on personal pension insurance accounts for urban and rural residents should not be lower than 0.245%.

However, the specific interest rate will be determined based on factors such as the comprehensive investment rate of return of the province's urban residential insurance fund, and will be announced once a year.

For example, in one province's regulations for a certain year, the annual interest rate for urban and rural residents' pension insurance may be 3.93%, while in another province it may be 3.07%.

For personal pension insurance, the interest is generally calculated based on the annual payment amount and the payment period.

Specific interest rates may vary according to different regions, different insurance companies and different pension insurance products.

Under normal circumstances, the interest rate for personal pension insurance is around 3%.

The procedures for applying for pension insurance are as follows: 1. When applying for the first time, you need to hold an agency agreement, a pension insurance manual, and an ID card; the payment base can be freely selected within the year, and you must pay for pension insurance and medical insurance (the first time you participate in medical insurance, please attach a copy of your ID card

Please leave two one-inch color photos with red background and two contact numbers on the copy); 2. For repayment, the agent must hold the agency manual and ID card and pay on time from April to March of the following year.

Monthly social insurance premiums (those with medical insurance must pay before May 10).

To sum up, relevant regulations can make timely adjustments to retirees’ pensions based on employee wage growth and price growth.

Legal basis: Article 10 of the "Social Insurance Law of the People's Republic of China" states that employees shall participate in basic pension insurance, and the employer and the employee shall jointly pay the basic pension insurance premiums.

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 can participate in basic pension insurance, and the basic pension insurance premiums are paid by individuals.

The measures for pension insurance for civil servants and staff managed with reference to the Civil Servant Law shall be prescribed by the State Council.

Article 11 The basic pension insurance shall be combined with social pooling and personal accounts.

The basic pension insurance fund is composed of employer and individual contributions and government subsidies.