2 ways to get maximum pension when reaching retirement age but not enough years of social insurance payment

(Dan Tri) - When reaching retirement age and workers have not participated in social insurance for 35 years for male workers and 30 years for female workers, there are 2 ways to receive the maximum pension.

People receive pensions in Ho Chi Minh City (Illustration: Ho Chi Minh City Social Insurance).

Mr. Nguyen Son is of retirement age and has paid social insurance for 33 years. He wants to continue working and paying social insurance for 2 more years to reach the maximum pension level of 75% of the average salary used as the basis for paying social insurance.

Mr. Son does not know if he can pay social insurance to receive the maximum pension if he works for 2 more years after reaching retirement age.

Responding to Mr. Son, Vietnam Social Security said that the monthly pension level of employees is regulated in Clause 2, Article 56 of the 2014 Law on Social Insurance.

Accordingly, for male workers retiring from 2022 onwards, the monthly pension is calculated at 45% of the average monthly salary subject to social insurance contributions corresponding to 20 years of social insurance contributions.

For female employees retiring from 2018 onwards, the monthly pension is calculated at 45% of the average monthly salary subject to social insurance contributions corresponding to 15 years of social insurance contributions.

After that, for each additional year of social insurance payment, the employee will be calculated an additional 2%. The maximum benefit is 75%.

Thus, to achieve the maximum pension rate of 75%, male workers must reach retirement age and have 35 years of social insurance contributions.

In Mr. Son's case, when he reaches retirement age, he will have paid social insurance for 33 years, and will need to pay social insurance for 2 years to reach the maximum pension level.

According to Vietnam Social Security, if Mr. Son has not completed the procedures to request a pension, and the employer still has a need to employ him and continues to sign a labor contract with him, he is still subject to compulsory social insurance.

In this case, Mr. Son continues to participate in compulsory social insurance for 2 more years and then completes retirement procedures and enjoys pension benefits, then he is eligible to receive a maximum pension of 75%.

Second, in case Mr. Son does not continue to work, or is not subject to compulsory social insurance, he can continue to participate in voluntary social insurance for another 2 years. This time is also counted in the total time of social insurance participation to calculate the maximum pension level for Mr. Son upon retirement.

Source: https://dantri.com.vn/an-sinh/2-cach-de-co-luong-huu-toi-da-khi-du-tuoi-huu-ma-chua-du-nam-dong-bhxh-20241024143643368.htm