According to the principles of voluntariness and flexibility, how much more pens
Recently, the state has once again clearly proposed to "advance the reform of gradually delaying the statutory retirement age in an orderly and stable manner, in accordance with the principles of voluntariness and flexibility." In fact, as early as in the 14th Five-Year Plan, we had already clearly proposed to implement a gradual delay in retirement, and it is highly likely that the relevant plan will be introduced before the end of the 14th Five-Year Plan.
The principles of voluntariness and flexibility provide people with more choices. The previous retirement policy was a rigid retirement system implemented during the planned economy era in our country, with an earlier retirement age, which could free up more job positions for young people. Especially some regulations, if you delay retirement, the additional pension insurance fees paid will be refunded, and the pension for the period of delayed retirement will not be compensated. It is indeed necessary to improve the relevant systems.
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For women, how much more pension can they receive if they delay retirement by one year? Let's calculate it based on the basic pension calculation formula.
The current basic pension calculation formula formed by insurance contributions includes two main parts: the basic pension and the personal account pension.
① The basic pension calculation formula is the pension payment base of the year of retirement or the total social average wage of the previous year × (1 + the average payment index of the individual) ÷ 2 × the payment duration × 1%.
The average payment index refers to the payment base of the year ÷ the social average wage of the previous year. If the payment base upper and lower limits determined by the social average wage of the previous year are used from January 1st to December 31st, the average payment index for the 60% level is 0.6, for the 100% level it is 1, and for the 300% level it is 3.
However, some places start using the new payment base upper and lower limits determined by the social average wage of the previous year from July 1st to June 30th of the following year, such as Beijing and Shanghai, so the calculated payment index may be lower. After all, even though the payment is at the 60% level from January to June, it is not enough to calculate the index using 60% of the social average wage.
Due to the increasing payment base in recent years, many people choose the 60% level. Assuming the payment index is 0.6, according to the basic pension calculation formula, for each additional year of payment, one can receive an additional 0.8% of the pension payment base.Shandong Province's pension calculation base last year was 7,468 yuan, and it is expected to be around 7,700 yuan this year. This means that by delaying retirement by one year and paying an additional year, the basic pension can be increased by 61.6 yuan per month.
In fact, due to the increase in the calculation base for delaying retirement by one year, the original basic pension will also increase. Assuming there have been 25 years of contribution, one can receive 20% of the pension calculation base, the actual pension will increase by (7,700 yuan - 7,468 yuan) × 20% = 26.2 yuan.
In some places, the pension calculation base has already adopted the full range of social average wages, and the growth rate may be faster.
② Personal account pension is equal to the balance of the personal account of the pension insurance ÷ the number of months determined by the retirement age.
The balance of the personal account of the pension insurance is credited to the personal account at 8% of the contribution base each month, and interest is also calculated annually. Now, in most places, the contribution base of the 60% tier has already been raised to over 4,000 yuan. Last year, the minimum contribution base in Shandong Province was 4,242 yuan, and it is expected to increase by about 4% to 5% this year. Assuming the contribution base is calculated at 4,500 yuan, each additional month of payment can accumulate 350 yuan in the personal account, which is 4,320 yuan a year. However, this is not just the amount of increased pension for delaying retirement, because there will also be interest on the previous payments in the personal account.
The interest rate for the personal account of pension insurance in 2023 was 3.97%, and it is estimated to be lower this year. Assuming the original balance of the personal account is 50,000 yuan, and the accounting interest for 2024 is 3% (which is also much higher than the bank deposit interest rate), it is expected to increase by 1,500 yuan.
The number of months determined by the retirement age for a 50-year-old is 195 months. If retirement is delayed, at 51 years old, it will become 190 months.
Therefore, the original personal account pension that could be received is 50,000 yuan divided by 195 months, which equals 256 yuan. The amount that can now be received is (50,000 yuan + 4,320 yuan + 1,500 yuan) ÷ 190 = 294 yuan, an increase of 38 yuan.Translated into English, the passage reads: On this basis, the average contribution index for women at the age of 50 is 0.6, with a contribution period of 25 years. With a personal account balance of 50,000 yuan, delaying retirement by one year can increase the monthly pension by 125.8 yuan. Moreover, they will also benefit more in future pension increases. #Top Headline Creation Challenge# #How to receive pension after delaying retirement?#
Recently, the state has once again clearly proposed to "advance the reform of gradually delaying the statutory retirement age in an orderly and stable manner, in accordance with the principles of voluntariness and flexibility." In fact, as early as in the 14th Five-Year Plan, we had already clearly proposed to implement a gradual delay in retirement, and it is highly likely that the relevant plan will be introduced before the end of the 14th Five-Year Plan.
The principles of voluntariness and flexibility provide people with more choices. The previous retirement policy was a rigid retirement system implemented during the planned economy era in our country, with an earlier retirement age, which could free up more job positions for young people. Especially some regulations, if you delay retirement, the additional pension insurance fees paid will be refunded, and the pension for the period of delayed retirement will not be compensated. It is indeed necessary to improve the relevant systems.
Advertisement
For women, how much more pension can they receive if they delay retirement by one year? Let's calculate it based on the basic pension calculation formula.
The current basic pension calculation formula formed by insurance contributions includes two main parts: the basic pension and the personal account pension.
① The basic pension calculation formula is the pension payment base of the year of retirement or the total social average wage of the previous year × (1 + the average payment index of the individual) ÷ 2 × the payment duration × 1%.
The average payment index refers to the payment base of the year ÷ the social average wage of the previous year. If the payment base upper and lower limits determined by the social average wage of the previous year are used from January 1st to December 31st, the average payment index for the 60% level is 0.6, for the 100% level it is 1, and for the 300% level it is 3.
However, some places start using the new payment base upper and lower limits determined by the social average wage of the previous year from July 1st to June 30th of the following year, such as Beijing and Shanghai, so the calculated payment index may be lower. After all, even though the payment is at the 60% level from January to June, it is not enough to calculate the index using 60% of the social average wage.
Due to the increasing payment base in recent years, many people choose the 60% level. Assuming the payment index is 0.6, according to the basic pension calculation formula, for each additional year of payment, one can receive an additional 0.8% of the pension payment base.Shandong Province's pension calculation base last year was 7,468 yuan, and it is expected to be around 7,700 yuan this year. This means that by delaying retirement by one year and paying an additional year, the basic pension can be increased by 61.6 yuan per month.
In fact, due to the increase in the calculation base for delaying retirement by one year, the original basic pension will also increase. Assuming there have been 25 years of contribution, one can receive 20% of the pension calculation base, the actual pension will increase by (7,700 yuan - 7,468 yuan) × 20% = 26.2 yuan.
In some places, the pension calculation base has already adopted the full range of social average wages, and the growth rate may be faster.
② Personal account pension is equal to the balance of the personal account of the pension insurance ÷ the number of months determined by the retirement age.
The balance of the personal account of the pension insurance is credited to the personal account at 8% of the contribution base each month, and interest is also calculated annually. Now, in most places, the contribution base of the 60% tier has already been raised to over 4,000 yuan. Last year, the minimum contribution base in Shandong Province was 4,242 yuan, and it is expected to increase by about 4% to 5% this year. Assuming the contribution base is calculated at 4,500 yuan, each additional month of payment can accumulate 350 yuan in the personal account, which is 4,320 yuan a year. However, this is not just the amount of increased pension for delaying retirement, because there will also be interest on the previous payments in the personal account.
The interest rate for the personal account of pension insurance in 2023 was 3.97%, and it is estimated to be lower this year. Assuming the original balance of the personal account is 50,000 yuan, and the accounting interest for 2024 is 3% (which is also much higher than the bank deposit interest rate), it is expected to increase by 1,500 yuan.
The number of months determined by the retirement age for a 50-year-old is 195 months. If retirement is delayed, at 51 years old, it will become 190 months.
Therefore, the original personal account pension that could be received is 50,000 yuan divided by 195 months, which equals 256 yuan. The amount that can now be received is (50,000 yuan + 4,320 yuan + 1,500 yuan) ÷ 190 = 294 yuan, an increase of 38 yuan.Translated into English, the passage reads: On this basis, the average contribution index for women at the age of 50 is 0.6, with a contribution period of 25 years. With a personal account balance of 50,000 yuan, delaying retirement by one year can increase the monthly pension by 125.8 yuan. Moreover, they will also benefit more in future pension increases. #Top Headline Creation Challenge# #How to receive pension after delaying retirement?#