Pensions are generally issued by the social security department where the household registration is located, and are collected by bank cards every month. Pensions are fixed indefinitely. As long as the recipient is alive, he can enjoy a monthly pension. Even if the personal account pension has been used up, he will continue to pay the basic pension according to the original standard. Moreover, personal pension will increase year by year with the increase of the average monthly salary of employees in society.
The basic pension, also known as retirement fee, is the most important pension insurance treatment. That is, the provisions of relevant national documents. After a worker is old or incapacitated, according to his contribution to the society and his eligibility for old-age insurance or retirement conditions, the monthly or lump-sum insurance benefits are mainly used to protect the basic needs of employees after retirement.
Basic pension consists of basic pension, personal account pension and transitional pension, that is, basic pension = basic pension+personal account pension+transitional pension. Among them, because China's old-age insurance system was gradually established in the 1990s, as a transitional arrangement, the transitional pension is not enjoyed by everyone.
Article 15 of the Social Insurance Law of People's Republic of China (PRC) * * * Basic Pension consists of overall pension and individual account pension. The basic pension is determined according to factors such as individual cumulative payment years, payment wages, average salary of local employees, personal account amount, average life expectancy of urban population, etc.