In Zhejiang Jinhua, if the social security base is 5,700 yuan, the amount of pension received after retirement is affected by multiple factors and can be roughly calculated through the following two parts:
- Basic Pension: It is calculated based on the average monthly wage of on - the - job employees in Zhejiang Province in the previous year of retirement and the average monthly wage of individual contributions. The formula is: Basic Pension = (Average Monthly Wage of On - the - Job Employees in Zhejiang Province in the Previous Year of Retirement + Average Monthly Wage of Individual Contributions) / 2 × Years of Contribution × 1%. If the average monthly wage of on - the - job employees in Zhejiang Province in the previous year of retirement is set as (this value changes every year and needs to refer to the data released by the local statistical department), and the contribution period is Ayears, and the average monthly wage of individual contributions is 5,700 yuan, then this part of the pension is n.[(A+)/2]×n×1%
- Personal Account Pension: It is calculated by dividing the total amount in the personal account by the pension calculation and distribution months corresponding to the retirement age. The amount in the personal account is accumulated by the individual's 8% contribution over the years. Suppose the individual has contributed for years, and the amount in the personal account is n. If the retirement age is 60 years old, the pension calculation and distribution months are 139; if it is 55 years old, they are 170. For example, if retiring at 60 years old, the personal account pension is ×8%××n.(×8%××n)/139
In addition, if there are special circumstances such as transition pension (for those with working years before the establishment of the personal account), it also needs to be calculated and added. The specific amount of pension needs to accurately calculate each part according to personal actual contribution years, contribution level, and the average wage data of the year of retirement.
