In Jiangsu Taizhou, if the social security base is 15,500 yuan, the amount of pension received after retirement is affected by multiple factors. The main components of the pension include the basic pension, individual account pension, and in some cases, transitional pension. Here's a breakdown:
- Basic Pension: The formula for calculating the basic pension is . Suppose Taizhou's previous - year on - the - job employee monthly average wage is (Taizhou’s previous - year on - the - job employee monthly average wage+Personal indexed monthly average contribution wage)÷×Contribution years×1%yuan, and with a social security base of 15,500 yuan, if the contribution years are xyears, the basic pension part n. For example, if P=(x+)×n×0.01yuan and x=years, n=yuan.P=(+)××0.01=1762.5
- Individual Account Pension: The individual account pension is calculated as . The individual account balance is accumulated from the individual's contribution over the years. Since the individual contribution rate for pension insurance is usually 8% of the social security base, if the contribution years are Individual account balance÷Calculation and distribution monthsyears, the individual account balance n. The calculation and distribution months are related to the retirement age. For example, if retiring at 60 years old, the calculation and distribution months are 139 months. Then the individual account pension B=×0.08××n. If P=×0.08××nyears, n=yuan, and B=×0.08××=yuan.P=≈1605.76
- Transitional Pension (for some people): The calculation of the transitional pension is more complex and is related to the local policy, such as the local transitional coefficient, the years of 视同缴费，etc. If a person has years of 视同缴费，and the local transitional coefficient is m, and the local pension calculation base is kyuan, the transitional pension y. For example, if P=y×m×kyuan, y=years, and m=, then k=1.2%yuan.P=××0.012=
The total pension
P=P+P+P
