Supplementing the minimum pension regulation with the reference level

According to the conclusion announcement of the National Assembly Standing Committee on receiving, explaining, and revising the draft revised Law on Social Insurance, the standing agency agrees with the major contents reported, recommended, received, and revised by the agencies.

The latest issue is that the National Assembly Standing Committee agreed to add a regulation on the lowest pension level equal to the reference level for employees participating in social insurance before July 1, 2025 (expected effective date of the law), with a period of insurance payment of 20 years or more.

This proposal inherits the provisions of the current Law on Social Insurance.

People receive monthly pensions (Photo: Ngo Hung).

The National Assembly Standing Committee also agreed to adjust the regulations on monthly pension rates for retired male workers who have paid social insurance for 15 to 20 years.

To have a basis for considering the decision, this agency requests the Government and the Vietnam General Confederation of Labor to urgently send an official document proposing to revise this content.

In addition, the National Assembly's standing body noted that it is necessary to analyze and assess more fully the impact on ensuring gender equality in the regulation of monthly pension levels.

In addition, the National Assembly Standing Committee also agreed to supplement regulations on monthly pension levels for workers in certain special occupations and jobs in the armed forces, with funding from the state budget.

Previously, the Government agreed in principle to stipulate a clause in the transitional provisions of the draft law to reserve the provisions in Clause 5, Article 56 of the 2014 Law on Social Insurance.

The latest revised draft of the Law on Social Insurance adds a transitional provision. Subjects who have participated in social insurance before the effective date of this draft law and have paid compulsory social insurance for 20 years or more will have their monthly pension level at least equal to the reference level.

Implementing the reform of salary policy from July 1, the basic salary will be abolished. Therefore, the draft law stipulates a reference level to replace the abolished basic salary to calculate the contribution level and the benefit level of some social insurance regimes.

The current basic salary is 1.8 million VND/month. Thus, the lowest pension level is currently 1.8 million VND/month (stipulated in Clause 5, Article 56 of the Law on Social Insurance 2014).

Source: https://dantri.com.vn/an-sinh/bo-sung-quy-dinh-luong-huu-toi-thieu-bang-muc-tham-chieu-20240619094230723.htm