The basic pension and transitional pension are directly linked to the length of service. The longer the length of service, the higher the pension benefits. Pension benefits are directly proportional to the length of service.
What about our personal account pension? Judging from the formation of our personal account pension, it actually stems from the accumulation of the amount we pay each year. In other words, the longer the payment time, the more personal account pensions. So our length of service is also related to personal account pension.
However, transitional pension and personal account pension are actually mutually exclusive. In other words, there will be no personal account pension for transitional pension.
Transitional pension itself is to make up for the deficiency of personal account pension and give retirees insufficient pension treatment.
Knowing how the length of service affects our retirement benefits, let's look at how the length of service affects the growth of our retirement benefits.
As we all know, our national pension has been continuously increased 14. From the initial 700 yuan, it has increased to more than 2,600 yuan per capita.
In fact, when our country raises the basic pension every year, it is adjusted by three ways: quota adjustment, linked adjustment and appropriate tilt.
There are two ways to adjust the link: linking with the length of service and keeping up with the annual pension.
The longer the length of service, the more the pension will increase, which is the length of service link.
Similarly, the higher the pension last year, the more the pension increased.
So our length of service is still very important, especially related to the level of our pension. The basic principle of our pension is to pay more and pay more for a long time.
Extended reading
: Pension for enterprise retirees increased to 1.893 yuan.
Pension calculation method
Is there a pension after serving a sentence?
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I should inform the retirement age unit to go through the retirement formalities in July and May, which will have an impact on my pension and the calculation of length of service.
Is it your seniority or your position that determines the level of pension benefits? In principle, seniority and position may indirectly affect our pension benefits. But in fact, the biggest influence is the length of service, that is, the length of work. Because you work normally and establish a full-time labor contract with your work unit, you should pay the basic old-age insurance in strict accordance with the provisions of the Labor Contract Law.
So your working years, that is, the length of service, is the actual payment period corresponding to our old-age insurance. In other words, the longer your length of service, the longer the actual payment period of your old-age insurance, and the corresponding result is that the pension benefits will definitely be higher, because there is an important calculation condition in the process of calculating the pension, which is the participation payment period of our old-age insurance. The longer your contribution period is, the higher the level of pension benefits, so the more direct the influence of length of service on pension benefits.