Calculating the pension amount upon retirement in Nanping, Fujian with a social security base of 7800 involves multiple factors and formulas. Here's a breakdown:
1. Basic Pension
The formula for basic pension is:
- Average monthly wage of on - the - job employees in the province in the previous year: This data is released by the local government annually. For example, if it is yuan in the year of retirement.X
- Indexed average monthly contribution wage of the individual: The formula is . If the social security base is 7800, and assuming the average contribution index is Averagemonthlywageofon−the−jobemployeesintheprovinceinthepreviousyear×Averagecontributionindexoftheindividual(it reflects the ratio of an individual's contribution wage to the average wage of on - the - job employees in the province in the corresponding year), then the indexed average monthly contribution wage is y.X×y
- Contribution years: The total number of years an individual has contributed to social security. For example, if the contribution years is years.z
The basic pension amount
2. Personal Account Pension
The formula for personal account pension is:
- Retirement personal account savings amount: The personal account is composed of the individual's contribution part. If the individual contribution rate is 8% of the social security base, and the contribution has been made for years, with an annual interest rate of z(the interest rate of the personal account is set by the state), the formula for calculating the personal account savings amount ris:A
- 计发月数 corresponding to the retirement age: Different retirement ages have different 计发月数. For example, if the retirement age is 60 years old, the 计发月数 is 139; if it is 55 years old, the 计发月数 is 170. Let's assume the 计发月数 is .m
The personal account pension amount
3. Transitional Pension (if applicable)
For some employees with working years before a certain period (such as before 1995 in some regions), there is a transitional pension. The formula is:
- Average contribution index of the individual: As mentioned above, it reflects the ratio of an individual's contribution wage to the average wage of on - the - job employees in the province in the corresponding year.
- Contribution years before a certain period: For example, if the reference period is before 1995, and the number of years of contribution or working years that meet the regulations during this period is years.n
The transitional pension amount
In general, the total pension amount = Basic Pension + Personal Account Pension+Transitional Pension (if applicable). However, due to the uncertainty of factors such as the average wage of on - the - job employees in the province in the previous year, contribution years, and contribution index, it is difficult to accurately calculate the specific pension amount. It is recommended to consult the local social security department for more accurate information.