At the end of July, the 2024 pension adjustment will be paid in full. Where can
On July 24th, many retired personnel in Qingdao City also indicated that they had received the difference in the 2024 pension adjustment. Soon, retired personnel in Shanghai will also welcome the supplementary payment of the 2024 pension adjustment. According to the deployment and arrangement of the 2024 pension adjustment, the adjusted pensions for all 31 provinces in the country will be supplemented by the end of July.
Some elderly individuals have expressed that their pensions did not increase by 3%. In fact, according to the 2024 national adjustment notice for the basic pensions of retired personnel, the national adjustment ratio is determined based on 3% of the average monthly basic pension of retired personnel in 2023. Therefore, the national adjustment ratio does not equal the individual adjustment ratio.
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However, since each province must determine its own adjustment ratio and level based on the national adjustment ratio as the upper limit, the overall level of adjustment in each province does not exceed 3%. Due to the different average pension levels in each province to begin with, the specific amount of money added also varies significantly.
Since 2016, our method for adjusting the pensions of retired personnel has consistently combined a fixed amount adjustment, a linkage adjustment, and a proper inclination. These three methods take into account the mainstream demands from all aspects of society.
For example, some elderly individuals have stated that after retirement, people no longer contribute to the pension insurance, and the pension before retirement has already reflected various factors such as the length of contribution and the base of contribution. Therefore, the pension adjustment should be fair, with everyone receiving the same amount of increase. The fixed amount adjustment reflects the principle of fairness, with everyone receiving the same increase in pension. In 2024, in the 31 provinces across the country, most provinces have a fixed amount adjustment for pensions ranging from 25 to 35 yuan.
Some elderly individuals have indicated that the length of service is a very important factor, reflecting the length of time retired personnel have contributed to the country and society. The adjustment based on the length of contribution is a reflection of this demand, which is an increase in the basic pension for each year of contribution. The standards vary by province; for example, Beijing is 2.4 yuan per year, while Sichuan Province is 0.5 yuan per year for the part with a contribution period of 15 years or less.
Some elderly individuals have noted that there is also a significant difference in the amount of money paid into the social security fund. Some people pay at a rate of 60% or even lower, such as Shenzhen City, which used to pay social security according to the minimum wage. However, there are also people who pay at a rate of 300%, with Shanghai's upper limit for the contribution base in 2023 reaching as high as 36,549 yuan. To reflect this demand, the pension adjustment includes a part based on the pension level. This mainly considers the different contribution levels each year, and the pension level can best reflect this demand. In fact, the pension level can also reflect the role of the contribution period, so the role of the contribution period in pension adjustment is the most important. For the adjustment based on the pension level, most provinces link it at around 1%.Some elderly individuals have expressed that the average social wage at the time of their retirement was too low. Although the pension increases annually, it is still significantly lower compared to those who retire now. Therefore, the state has established adjustments favoring the elderly and those who retired in remote and arduous areas. This is also a form of compensation considering the tough working and living conditions these retirees faced in the past.
For those with 15 years of service, where does the pension increase the most?
Based on the general adjustment parts of the pension: fixed amount adjustment, adjustment based on contribution years, and adjustment based on the level of pension.
Assuming a pension of 1200 yuan with 15 years of service, in Shandong Province, the increased amount is 32.6 yuan + 12 yuan + 10.8 yuan = 55.4 yuan (actual adjustment is 56 yuan, with less than one yuan rounded up to one yuan). Most provinces have a similar adjustment amount to Shandong.
In Sichuan Province, the increased amount is 27 yuan + 7.5 yuan + 10.8 yuan = 45.3 yuan. This is more than 10 yuan less than Shandong Province.
As one of the provinces with the highest pension adjustments historically, the Tibet Autonomous Region increases the amount by 51 yuan + 16.5 yuan + 21.72 yuan = 88.32 yuan.
Shanghai City has the highest fixed amount adjustment this year, with an increase of 61 yuan + 15 yuan + 12 yuan totaling 88 yuan.
Beijing Municipality, with the highest adjustment standard for contribution years and the only region in the country with a policy of raising the low and limiting the high, has an increased amount of 30 yuan + 36 yuan + 30 yuan + 2.4 yuan = 98.4 yuan this year.
In summary, this year, with 15 years of service, the pension increases the most in Beijing Municipality. If possible, one could consider participating in the insurance scheme in Beijing for over 10 years and then retire in Beijing. However, with the advancement of the national coordination of the pension insurance system, a unified national pension adjustment plan may be realized in the future. #Top Headline Creation Challenge# #Pension Adjustment#
On July 24th, many retired personnel in Qingdao City also indicated that they had received the difference in the 2024 pension adjustment. Soon, retired personnel in Shanghai will also welcome the supplementary payment of the 2024 pension adjustment. According to the deployment and arrangement of the 2024 pension adjustment, the adjusted pensions for all 31 provinces in the country will be supplemented by the end of July.
Some elderly individuals have expressed that their pensions did not increase by 3%. In fact, according to the 2024 national adjustment notice for the basic pensions of retired personnel, the national adjustment ratio is determined based on 3% of the average monthly basic pension of retired personnel in 2023. Therefore, the national adjustment ratio does not equal the individual adjustment ratio.
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However, since each province must determine its own adjustment ratio and level based on the national adjustment ratio as the upper limit, the overall level of adjustment in each province does not exceed 3%. Due to the different average pension levels in each province to begin with, the specific amount of money added also varies significantly.
Since 2016, our method for adjusting the pensions of retired personnel has consistently combined a fixed amount adjustment, a linkage adjustment, and a proper inclination. These three methods take into account the mainstream demands from all aspects of society.
For example, some elderly individuals have stated that after retirement, people no longer contribute to the pension insurance, and the pension before retirement has already reflected various factors such as the length of contribution and the base of contribution. Therefore, the pension adjustment should be fair, with everyone receiving the same amount of increase. The fixed amount adjustment reflects the principle of fairness, with everyone receiving the same increase in pension. In 2024, in the 31 provinces across the country, most provinces have a fixed amount adjustment for pensions ranging from 25 to 35 yuan.
Some elderly individuals have indicated that the length of service is a very important factor, reflecting the length of time retired personnel have contributed to the country and society. The adjustment based on the length of contribution is a reflection of this demand, which is an increase in the basic pension for each year of contribution. The standards vary by province; for example, Beijing is 2.4 yuan per year, while Sichuan Province is 0.5 yuan per year for the part with a contribution period of 15 years or less.
Some elderly individuals have noted that there is also a significant difference in the amount of money paid into the social security fund. Some people pay at a rate of 60% or even lower, such as Shenzhen City, which used to pay social security according to the minimum wage. However, there are also people who pay at a rate of 300%, with Shanghai's upper limit for the contribution base in 2023 reaching as high as 36,549 yuan. To reflect this demand, the pension adjustment includes a part based on the pension level. This mainly considers the different contribution levels each year, and the pension level can best reflect this demand. In fact, the pension level can also reflect the role of the contribution period, so the role of the contribution period in pension adjustment is the most important. For the adjustment based on the pension level, most provinces link it at around 1%.Some elderly individuals have expressed that the average social wage at the time of their retirement was too low. Although the pension increases annually, it is still significantly lower compared to those who retire now. Therefore, the state has established adjustments favoring the elderly and those who retired in remote and arduous areas. This is also a form of compensation considering the tough working and living conditions these retirees faced in the past.
For those with 15 years of service, where does the pension increase the most?
Based on the general adjustment parts of the pension: fixed amount adjustment, adjustment based on contribution years, and adjustment based on the level of pension.
Assuming a pension of 1200 yuan with 15 years of service, in Shandong Province, the increased amount is 32.6 yuan + 12 yuan + 10.8 yuan = 55.4 yuan (actual adjustment is 56 yuan, with less than one yuan rounded up to one yuan). Most provinces have a similar adjustment amount to Shandong.
In Sichuan Province, the increased amount is 27 yuan + 7.5 yuan + 10.8 yuan = 45.3 yuan. This is more than 10 yuan less than Shandong Province.
As one of the provinces with the highest pension adjustments historically, the Tibet Autonomous Region increases the amount by 51 yuan + 16.5 yuan + 21.72 yuan = 88.32 yuan.
Shanghai City has the highest fixed amount adjustment this year, with an increase of 61 yuan + 15 yuan + 12 yuan totaling 88 yuan.
Beijing Municipality, with the highest adjustment standard for contribution years and the only region in the country with a policy of raising the low and limiting the high, has an increased amount of 30 yuan + 36 yuan + 30 yuan + 2.4 yuan = 98.4 yuan this year.
In summary, this year, with 15 years of service, the pension increases the most in Beijing Municipality. If possible, one could consider participating in the insurance scheme in Beijing for over 10 years and then retire in Beijing. However, with the advancement of the national coordination of the pension insurance system, a unified national pension adjustment plan may be realized in the future. #Top Headline Creation Challenge# #Pension Adjustment#