What are the advantages of retirement pensions after 42 to 45 years of service?


Forty-two to forty-five years of service is out of reach for most people.The current retirement age for men in China is 60 years old, which means that those with 42 years of working experience will start work at 18 and those with 45 years of working experience will start work at 15.Under current laws and regulations, only a handful of people have 45 years of service.China’s labor law stipulates that the legal age of employment is 16 years old, recruitment of people under 16 years old is illegal employment.But just because people today can’t reach 45 years doesn’t mean there weren’t people with 45 years in the past.In fact, there are still some people who have worked for the past 45 years. In addition to many people in sports and arts, there used to be a lot of people who were 15 years old and had special skills or recruited through various connections.Retire according to past regulation, the annuities of our country is to plan hair annuities scale according to length of service, but although deal with according to old system retire, annuities computation scale is controlled 95% commonly, add all sorts of allowance cannot exceed 100% at most.Besides retiring personnel namely, the annuities of retiree is to cannot exceed the 100% of total wages when working commonly, this is to deal with the regulation that retires according to old system.Since 1992, Chinese enterprise employees have generally implemented the endowment insurance contribution system, and in October 2014, government organs and public institutions began to fully implement the endowment insurance system.After endowment insurance system is carried out, the concept of length of service is replaced with capture fixed number of year, but the use of length of service before the system of capture of endowment insurance is carried out is still very big, as long as the length of service admitted by the country can be regarded as capture fixed number of year, as capture fixed number of year and actual capture fixed number of year, cumulative calculation is capture fixed number of year.Arrive 42 years of service of 45 years, the longest capture expends fixed number of year now is 30 years, basically have 12 years to 15 years or so inspect with capture expends fixed number of year, and when the computation of annuities, actually each district is to inspect with capture expends fixed number of year computation, basically arrive from January 1996 January 1998.Want to calculate according to this two fixed number of year as pay fixed number of year, its main policy basis is country hair (1997) 26 document.According to the regulation of this document, the personnel that attends the job and deals with emeritus after the document is carried out, annuities is to divide for annuities of account of foundation annuities, individual two parts;Attend a job before the document is carried out, the personnel that deals with emeritus after the document is carried out, besides beyond annuities of account of foundation annuities, individual, add even hair transitional annuities.Will work until 1996 to participate in the length of service as synonymous with capture expends fixed number of year, in 1996 before the capture expends fixed number of year as synonymous with capture expends fixed number of year, this is the national unified enterprise worker endowment insurance system is established, and the specification to establish individual account, the starting point of the time like sichuan, chongqing and other places to establish individual account time is according to started on January 1, 1996,Guangdong and other places are implemented before January 1, 1998.Will analyze according to such regulation, have 42 years to the personnel of 45 years of service, inspect with capture expends fixed number of year is longer, inspect with capture expends fixed number of year long benefit is to be able to obtain transitional sex pension more.Besides getting transitional annuities more, length of service is longer, the accumulative total capture expends fixed number of year when dealing with emeritus is longer, annuities also can be taller.Annuities is according to capture cost base, capture cost fixed number of year, individual account balance, average monthly salary of year worker comes comprehensive computation.Generally 42 and 45 years length of service personnel, mainly is the staff of state-owned enterprises staff or authority institution, the worker of private enterprise, the requirement of personnel of flexible obtain employment is less than the length of service, length of service into look fixed number of year of the expenses, or the actual capture to expend fixed number of year, embodied in the pension calculation is mainly basic pension and transitional annuities.If the plan hair base of basic annuities is every year 60 yuan money, so the basic annuities of every month of 42 years of service is 2520 yuan, if it is the basic annuities of every month of 45 years of service is 2700 yuan, the plan hair base of basic annuities is taller, length of service is longer, basic annuities can be taller.At the same time, the longer the number of years of payment, the higher the transitional pension, the longer the length of service are regarded as the longer number of years of payment personnel.To sum up, people with 42 to 45 years of service have a comparative advantage whether they are calculated according to the old system or the new system.The longer the length of service shall be regarded as capture expends fixed number of year is longer, fundamental annuities, transitional annuities and individual account annuities are relatively high, in addition to retirement pension is quite high, every year in the next national adjustment retiree pensions, adjust the improve the pension is the highest.

Leave a Reply

Your email address will not be published.