participate in pension insurance in order to have a stable pension benefit when you get old. But what is the basis for determining pensions? Is it determined based on our payment grade? If I pay according to the 100% level in 2023, can I receive 100% of the payment base for retirement pension?
The payment base of pension insurance.
In recent years, many localities have announced the upper and lower limits of payment base , which refers to 60% to 300% of the average social salary of employees in all urban units in the previous year. For example, in Shandong Province this year's payment base, the lower limit is 3,980 yuan to 19,899 yuan, and in Shanghai it is 6,520 yuan to 34,188 yuan. The 100% payment base generally refers to the full-scale social wage, for example, it is 6,633 yuan in Shandong Province and 11,396 yuan in Shanghai. The pension insurance payment base is different every year , but it is most likely to increase.
Pension calculation formula.
The pension benefits generated by participating in the pension insurance are actually accumulated. For example, one month's payment can produce one month's pension benefit , one year's payment can produce one year's pension benefit, and the final sum is formed.
The calculation formula for pension benefits generated by paying pension insurance mainly consists of two parts: basic pension and personal account pension .
Basic pension is equal to the average social salary in the previous year of retirement × (1 + the average contribution index of the employee) × payment years × 1%.
To be honest, if you pay 100% of the base for one year, the basic retirement pension is 1% of the average social salary in the previous year of retirement.
The average social salary in the previous year of retirement is now generally used as the local pension calculation base. However, this is only a transitional method, and it will eventually transition to the social average wage for all employees in urban units.
To put it simply, according to the 100% base payment, each year of payment will generate 1% of the average social salary in the previous year of retirement. It takes 40 years to accumulate 40%, which is far from 100%.
Personal account pension is equal to the balance of the personal pension insurance account divided by the number of payment months determined by the retirement age. The balance of the
personal account is accumulated based on 8% of the payment base. Pay according to 100% of the base and pay for 12 months, which can accumulate 96% of the monthly payment base.
If the accounting interest rate of the personal pension insurance account is the same as the social average wage growth rate, the personal account pension formed after one year of payment can be linked to the social average wage.
Although our social wage has grown rapidly in the past, far exceeding the accounting interest rate of personal accounts, the accounting interest rate of personal accounts has been relatively stable, generally above 6% to 8% in recent years. If the growth rate of the average wage decreases in the future, the personal account accounting interest rate may be consistent with the growth rate of the average wage.
Assuming that you retire at the age of 60, the number of payment months is 139 months. If you pay for 12 months in this way, you can receive 0.69% of the social salary every month after retirement.
According to this calculation, the pension that can be received after 40 years of contribution is 67.6% of the social wage, which means that the benefit is only 2/3.
Therefore, it is basically impossible to achieve 100% of the base payment and receive 100% of the social wage during retirement.
Of course, we do not rule out the possibility that people may pay for fifty or sixty years after is pushed to delay retirement and .
But then again, the average social salary is constantly growing, and our payment base remains unchanged every year. Maybe the pension we receive is 100% of the payment base in the previous year. For example, around 2010, the average salary in various places was generally between two and three thousand yuan. Nowadays, it is relatively simple to retire and receive a pension of two to three thousand yuan.
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