At the end of July, the pension difference adjusted in 2024 will be reissued. Ho
In accordance with the arrangements for adjusting the pensions of retired personnel in 2024, after entering July, the pension adjustments in all 31 provinces across the country have entered the formal implementation phase. By the end of July, the pensions of 140 million retired personnel will be supplemented with the difference.
As required by the pension adjustment notice, the pension adjustment starts from January, so by July, there will be a supplementary payment for a difference of 6 to 7 months. How much additional pension can one receive with 40 years of service?
The pension adjustment mainly includes three methods.
The amount of pension adjustment is carried out through fixed adjustments, linkage adjustments, and appropriate inclinations, but the adjustment standards vary in each province.
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① For the fixed adjustment part, the principle of fairness is implemented, with everyone receiving an equal increase in pension. In 2024, the adjustment standards in various provinces range from 25 to 61 yuan, with most provinces falling between 30 yuan (plus or minus 5 yuan).
This part of the adjustment is not related to individual pension levels, contribution years, retirement age, or various other factors. It mainly takes into account the increased cost of maintaining a basic pension level for people, rather than considering the pension living standard of high-income elderly individuals.
② The linkage adjustment part is divided into linkage based on contribution years and linkage based on pension levels.
For linkage based on contribution years, in most places, the basic pension increases by about 1 yuan for each year of contribution.The length of contribution period, including the deemed contribution period, reflects people's contributions to the pension insurance system, and most elderly people are in favor of adjusting according to the length of contribution. There is a significant variation in the increase standards across different regions, with Beijing having the highest increase standard of 2.4 yuan per year.
Tied to the pension level, most places increase by about 1% of the individual's basic pension in December 2023.
The level of pension actually includes many factors, including the aforementioned contribution period. After all, according to the pension calculation formula, various factors such as contribution period, contribution base, and retirement age can all be reflected in the level of pension. The highest pension linkage ratio is in the Tibet Autonomous Region at 1.81%, while the lowest is only 0.4% in Jiangsu Province.
③ The preferential adjustment part mainly includes adjustments for the elderly and those in remote and arduous areas. The elderly mainly refer to those who are over 70 years old by the end of 2023. This is to take into account that these elderly people retired early and used a lower social average wage to calculate their pensions, hence the additional preferential treatment. For retirees in remote and arduous areas, this is mainly to express gratitude for their contributions to the construction of these areas in China.
Below is a brief summary of the pension adjustment plans for the 31 provinces. With a working age of 40 years, without knowing the level of pension, it is actually impossible to calculate how much the increase will be. However, based on experience, except for a few places with high calculation bases and high pension levels such as Beijing, Shanghai, and Tibet, in most places with a working age of 40 years, the pension level will be around 4,000 yuan.
According to the pension adjustment plans of the above provinces, with a working age of 40 years and a pension of about 4,000 yuan, the increase in Shandong Province is 106 yuan, in Yunnan Province it is 114 yuan, in Henan Province it is 107.6 yuan, in Jiangsu Province it is 120.5 yuan, and in Heilongjiang Province it is 101.8 yuan. The increase in pension is generally between 100 and 120 yuan. In this case, the amount that can be refunded is about 600 to 800 yuan.
Overall, the 3% increase in this year's pension is quite good, especially since the price increase since 2023 has not been fast, averaging only 0.2% to 0.3%. The retirement income of the elderly has still increased significantly. #Headline Creation Challenge# #How is the pension adjusted in 2024#
In accordance with the arrangements for adjusting the pensions of retired personnel in 2024, after entering July, the pension adjustments in all 31 provinces across the country have entered the formal implementation phase. By the end of July, the pensions of 140 million retired personnel will be supplemented with the difference.
As required by the pension adjustment notice, the pension adjustment starts from January, so by July, there will be a supplementary payment for a difference of 6 to 7 months. How much additional pension can one receive with 40 years of service?
The pension adjustment mainly includes three methods.
The amount of pension adjustment is carried out through fixed adjustments, linkage adjustments, and appropriate inclinations, but the adjustment standards vary in each province.
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① For the fixed adjustment part, the principle of fairness is implemented, with everyone receiving an equal increase in pension. In 2024, the adjustment standards in various provinces range from 25 to 61 yuan, with most provinces falling between 30 yuan (plus or minus 5 yuan).
This part of the adjustment is not related to individual pension levels, contribution years, retirement age, or various other factors. It mainly takes into account the increased cost of maintaining a basic pension level for people, rather than considering the pension living standard of high-income elderly individuals.
② The linkage adjustment part is divided into linkage based on contribution years and linkage based on pension levels.
For linkage based on contribution years, in most places, the basic pension increases by about 1 yuan for each year of contribution.The length of contribution period, including the deemed contribution period, reflects people's contributions to the pension insurance system, and most elderly people are in favor of adjusting according to the length of contribution. There is a significant variation in the increase standards across different regions, with Beijing having the highest increase standard of 2.4 yuan per year.
Tied to the pension level, most places increase by about 1% of the individual's basic pension in December 2023.
The level of pension actually includes many factors, including the aforementioned contribution period. After all, according to the pension calculation formula, various factors such as contribution period, contribution base, and retirement age can all be reflected in the level of pension. The highest pension linkage ratio is in the Tibet Autonomous Region at 1.81%, while the lowest is only 0.4% in Jiangsu Province.
③ The preferential adjustment part mainly includes adjustments for the elderly and those in remote and arduous areas. The elderly mainly refer to those who are over 70 years old by the end of 2023. This is to take into account that these elderly people retired early and used a lower social average wage to calculate their pensions, hence the additional preferential treatment. For retirees in remote and arduous areas, this is mainly to express gratitude for their contributions to the construction of these areas in China.
Below is a brief summary of the pension adjustment plans for the 31 provinces. With a working age of 40 years, without knowing the level of pension, it is actually impossible to calculate how much the increase will be. However, based on experience, except for a few places with high calculation bases and high pension levels such as Beijing, Shanghai, and Tibet, in most places with a working age of 40 years, the pension level will be around 4,000 yuan.
According to the pension adjustment plans of the above provinces, with a working age of 40 years and a pension of about 4,000 yuan, the increase in Shandong Province is 106 yuan, in Yunnan Province it is 114 yuan, in Henan Province it is 107.6 yuan, in Jiangsu Province it is 120.5 yuan, and in Heilongjiang Province it is 101.8 yuan. The increase in pension is generally between 100 and 120 yuan. In this case, the amount that can be refunded is about 600 to 800 yuan.
Overall, the 3% increase in this year's pension is quite good, especially since the price increase since 2023 has not been fast, averaging only 0.2% to 0.3%. The retirement income of the elderly has still increased significantly. #Headline Creation Challenge# #How is the pension adjusted in 2024#