Calculating the pension amount for a social security base of 6300 in Huanggang, Hubei, involves multiple factors and formulas. The pension amount cannot be simply determined by the social security base alone; it is comprehensively affected by factors such as payment years, personal account storage amount, and local average wage of on - the - job employees in the year of retirement, and is calculated through specific formulas. Here are the main components and calculation methods of the pension:
- Basic Pension:
- The formula is (Personal′saveragemonthlywageofon−the−jobemployeesinthecityorstatewheretheyretire+Indexedaveragemonthlypaymentwageoftheindividual)÷×Paymentyears×1%.
- The indexed average monthly payment wage is the product of the average monthly wage of on - the - job employees in the city or state where the insured retires and the individual's average payment index. For example, if the local average monthly wage of on - the - job employees in the year of retirement is X, and the individual's average payment index is Y, the indexed average monthly payment wage is X×Y. The longer the payment years, the higher the basic pension will be.
- Personal Account Pension:
- The formula is Personalaccountstorageamount÷Calculationmonths.
- The personal account storage amount is accumulated from the part of the pension insurance premiums paid by the individual during their working years. The calculation months are determined according to the retirement age. For example, if a person retires at 60 years old, the calculation months are usually 139 months. The more the personal account storage amount, the higher the personal account pension will be.
- Transitional Pension (applicable to those who started working before December 31, 1995):
- The formula is Averagemonthlywageofon−the−jobemployeesinthecityorstatewheretheindividualretires×Averagepaymentwageindexoftheindividualbeforeretirement×Yearsofdeemedpayment×1.2%.
- Years of deemed payment refer to the continuous working years that meet the national policy regulations before the establishment of the basic pension insurance personal account for insured persons.
In short, to accurately calculate the pension amount, it is necessary to know detailed information such as personal payment years (including actual payment years and years of deemed payment), personal account storage amount, and the average wage of on - the - job employees in Huanggang in the year of retirement. You can consult the local social security department for specific calculation details.
want to calculate a more accurate pension amount, it would be beneficial to gather information like your exact contribution years and local wage data. Would you like to know how to obtain the average wage data of on - the - job employees in Huanggang?
