Q: Do we have to go through retirement procedures when we are 60? Q: Do we need to go through retirement procedures after the age of 60 for those who choose their own jobs? According to the latest post retirement pension, the pension of employees when they retire is composed of two parts: pension=basic pension+personal account pension, Individual account pension=individual account savings ÷ number of months of payment (the number of months of payment is determined according to the retirement age and the average life span of the population at that time. The number of months of payment is slightly equal to (average life span of the population - retirement age) X12. 195 at the age of 50, 170 at the age of 55, 139 at the age of 60, which is no longer unified as 120) Basic pension=(the average monthly salary of on-the-job employees in the province in the previous year+the average monthly contribution salary of my index) ÷ 2 × contribution years × 1%=the average monthly salary of on-the-job employees in the province in the previous year (1+the average contribution index of my index) ÷ 2 × payment period × 1%, where: my indexed monthly average payment salary=the monthly average salary of on-the-job employees in the province in the previous year × my average payment index. As can be seen from the above formula, under the same contribution period, the level of basic pension depends on the average contribution index of individuals, which is the average value of the ratio of their actual contribution base to the average social wage over the years. The lower limit is 0.6, and the upper limit is 3. Therefore, in the two calculations of pension, in any case, the higher the contribution base, the longer the contribution period, and the higher the pension. The pension is received indefinitely. As long as the recipient survives, he or she can enjoy the monthly pension benefits. Even if the pension in his or her personal account has been used up, he or she will continue to pay the basic pension according to the original standard. Moreover, the personal pension will increase year by year according to the increase of the average monthly salary of the social workers on the job. Therefore, the longer you live, the more you can get, which is definitely more cost-effective than paying fees. Do you understand this explanation?
