After entering October, the transitional period for the calculation of pensions from October 2014 to September 2024, as stipulated by the state, is about to come to an end. For government and public institution employees retiring after the end of October 2024, the new method for calculating retirement benefits will be used.

Some workers who retired during the transitional period may not be familiar with how the old method of calculating retirement benefits was done. Let's take a look together.

The old method of calculating retirement benefits was still linked to the proportion determined by the individual's years of service. Those who have worked for more than 10 but less than 20 years, more than 20 but less than 30 years, more than 30 but less than 35 years, and more than 35 years, respectively, receive 70%, 80%, 85%, and 90% of their basic salary.

The basic salary refers to the one determined by the individual's position and job level in September 2014. After October 2014, due to the reform of the pension insurance system, there was a significant increase in the basic salary. The reason for this significant increase was that it was planned that the pension calculation would no longer be linked to the basic salary after October 2014.

The original old method of calculating retirement benefits was basic salary × the proportion of payment + retirement living allowance. This method of payment was actually the same as the payment method for the "old people" who retired. However, the "old people" enjoyed a fixed increase in retirement pay in 2015. Therefore, the old method of calculating retirement benefits during the transitional period also included this fixed increase. For example, intermediate titles increased by 350 yuan, and senior titles increased by 460 yuan.

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Thus, the old method of calculating retirement benefits became "basic salary × the proportion of payment + retirement living allowance + 2015 fixed increase standard". For those who retired after 2016, compared to the previous "old people", the "old people's" pension is no longer a fixed increase, but is adjusted according to the national unified pension adjustment notice.

Starting from 2016, the pensions of retired personnel from enterprises and government and public institutions were adjusted uniformly. The adjustment methods mainly include fixed amount adjustment, linkage adjustment, and appropriate inclination, and the adjustment methods have gradually achieved the unification of retired personnel from enterprises and government and public institutions.

In order to eliminate the gap, the state proposed the numerical value of the wage growth rate of on-the-job workers. Those who retired after 2016 will be increased according to the corresponding wage growth rate. The wage growth rates in these years vary from 6.5% to 2% according to the national announcement.The final calculated product is the result of the old method of retirement benefits.

Example calculation:

Suppose an employee of a public institution, in September 2014, held the position of Deputy Senior Level 6, with a salary grade of 30, corresponding to a basic salary of 1040 yuan and 703 yuan.

The total length of service of this employee upon retirement is 40 years, and the payment ratio is 90%. Therefore, first calculate (1040 yuan + 703 yuan) × 90% = 1568.7 yuan.

A special reminder here, like employees who have a single-child certificate or have honors such as provincial-level or above labor models, could increase the payment ratio by 5% or higher in the past. But now it is generally based on the increased amount, a certain number of months are paid at one time. Assuming a payment of 200 months, the one-time subsidy for the only child is (1040 yuan + 703 yuan) × 5% × 200 = 17,430 yuan.

Assuming the local retirement living allowance standard is 3050 yuan, and considering the fixed increase in 2015 is 460 yuan, in this case, the old method of retirement benefits has been calculated as 1568.7 yuan + 3050 yuan + 460 yuan = 5078.7 yuan.

Assuming this retiree retired in 2018, the cumulative wage growth rate at that time was 14.09%. Then their old method of retirement benefits would be 5078.7 yuan × 114.09%, resulting in about 5794 yuan.

If retiring in 2023, the cumulative wage growth rate has reached 29.45%, and the result of the old method of retirement benefits would be about 6574 yuan.

As long as it is during the transitional period of retirement, both middle-aged people and newcomers can enjoy the guaranteed bottom of the old method of retirement benefits. #Top Headline Creation Challenge# #Government and Public Institution Pension#