What is the formula for calculating social security and what does social security cover

Mondo Education Updated on 2024-01-30

1. The main body of social security

The main body of social insurance premiums is the state, enterprises and individuals. The different combinations of these three entities give rise to many cost-sharing methods, even in the same country, different insurance cost-sharing methods may be used in different social insurance programs, among which the employer and employee contribute and bear the ultimate responsibility is the most common.

2. What does social security include?

Social security also includes: endowment insurance, medical insurance, unemployment insurance, work-related injury insurance, and maternity insurance, which is what we often call the "five insurances". Social security is also an important welfare treatment given to residents in China, and China has been continuously improving the treatment of social security for many years, just like the reimbursement of medical insurance and pensions. For residents, sometimes due to work or other reasons, social security will be interrupted, you must know that China's social security needs to be paid at the time of retirement for 15 years before you can enjoy social security benefits. People who have cut off social security contributions are worried that it will affect their pension and other social security benefits when they retire.

3. What is the calculation formula for social security payment?

Formula for calculating pension benefits:

Monthly basic pension = basic pension + personal account pension;

Among them, the basic pension = (the average monthly salary of the on-the-job employees in the province in the previous year + the average monthly indexed salary of the employee) 2 * payment period * 1% = the average monthly salary of the on-the-job employees in the province in the previous year.

Personal account pension = total savings in personal account Number of months.

What is the formula for calculating social security benefits?What does social security cover?The above is the calculation method introduced by Hualu.com, if you have doubts about your social security payment, you can calculate it yourself!

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