The transition period for public institutions is coming to an end, what will happen to the retirement pension in October 2024?
The 10-year transition period for public institutions is nearing the end, and the goal of this stage is to smoothly complete the transition between the two systems. With less than six months to go until October 2024, many government employees are watching to see what will happen to their pension policies. This article will solve this puzzle for you. First of all, we must recognize the significant impact of 10 years of institutional reform on the reform of our civil service. The establishment of this transitional period is to ensure that under the new system, the pensions of the workers of public institutions will not decline along with the changes in the system, and will gradually be combined with the pensions of the workers of the enterprises. During the transition period, employees who joined the work after October 1, 2014 and retired after the implementation will continue to implement the old and new salary calculation methods, and enjoy transitional pensions and other benefits.
Second, during the transition period, what will happen to the pensions of retirees of government agencies? We must clearly understand that starting from October next year, the basic pension system of government agencies and enterprises must be completely linked. In other words, the pension standard for the personnel of government organs and institutions is the same as that for the personnel of enterprises.
So, will the pension of government employees be reduced?
Actually, it's not entirely true. In China, due to the continuous reform and development of the social security system, the pensions of the personnel of government agencies and units will also undergo corresponding changes. In addition, the working hours and working hours of agency staff are generally relatively long, which will be a major consideration in the calculation of pensions. Therefore, the longer the service of the agency staff, the higher the retirement salary.
In short, after 10 years of structural reform, the pension standards for the personnel of government agencies and units will remain the same as those for the personnel of enterprises. However, the specific ** standards still vary from person to person. Therefore, the employees of government agencies should pay attention to their working hours, payment time, and always pay attention to the development of the enterprise. So that employees have a more correct understanding of the pension situation after retirement and have expectations for the future.