According to Article B, Clause 2, Article 56 of the Social Insurance Law of 2014, the monthly pension level for female workers is calculated at 45% of the average monthly salary, corresponding to 15 years of social insurance contributions. Furthermore, an additional 2% is added for each year of social insurance contributions, up to a maximum of 75%.
Starting from 2022, male workers who contribute to social insurance for a minimum of 35 years and meet the retirement requirements will receive a pension at a rate of 75% of the monthly salary contributed to the social insurance. This is the maximum rate. Female workers who contribute to social insurance for a minimum of 30 years and meet the retirement requirements will also receive the maximum pension.
Additionally, Article 58 of the Social Insurance Law of 2014 stipulates that workers who have made social insurance contributions for a longer period than the corresponding number of years to qualify for the 75% pension rate will also receive a one-time allowance upon retirement.
The one-time allowance is calculated based on the number of years of social insurance contributions exceeding the corresponding number of years to qualify for the 75% pension rate. Each additional year of social insurance contributions is calculated as 0.5 months of the average monthly salary contributed to the social insurance.
For example, if a female worker contributes to social insurance for 40 years, the corresponding number of years to qualify for the 75% pension rate is 30 years, and the number of social insurance contribution years exceeding this is 10 years (40 years in total). This worker would receive a one-time allowance of 5 months (10 years * 0.5 months) of the average monthly salary contributed to the social insurance upon retirement.
