Officially paid social insurance for 15 years to receive pension

The revised Law on Social Insurance recently passed by the National Assembly stipulates that employees who reach retirement age and have paid social insurance for 15 years or more are entitled to a monthly pension.

Vietnam Social Security said that this regulation aims to create opportunities for late participants or those who participate intermittently to accumulate 15 years of contributions (instead of 20 years as currently regulated) to receive a monthly pension.

This regulation on minimum years of contribution does not apply to pensioners with reduced working capacity.

In addition, the revised Law on Social Insurance also stipulates the pension rate for male and female workers with 15 years of contributions, with the maximum rate being 75%.

At the same time, the law also stipulates that the calculation of monthly pension for employees who are eligible for pension and have paid social insurance according to the provisions of international treaties to which the Socialist Republic of Vietnam is a member but have paid social insurance in Vietnam for less than 15 years, each year of payment during this period is calculated at 2.25%.

With a stable monthly pension, periodically adjusted by the State and during the pension period, the Social Insurance Fund will buy health insurance cards, which will contribute to better ensuring the lives of workers. More people will be guaranteed pensions and health insurance when they retire.

This regulation also reflects the spirit of Resolution No. 28-NQ/TW, which sets out the reform task with the content: "Amending the conditions for enjoying the pension regime in the direction of gradually reducing the minimum number of years of social insurance contributions to enjoy the pension regime from 20 years to 15 years, towards 10 years with the benefit level calculated appropriately to create conditions for elderly workers with low number of years of social insurance participation to access and enjoy social insurance benefits".

Through a practical survey, the Social Insurance Agency said that one of the reasons pointed out for many people receiving one-time social insurance is that the number of years of pension accumulation (20 years) is too long, reducing the motivation of workers to participate and stay long-term to receive pensions.

This Law comes into force from July 1, 2025.

Source: https://dantri.com.vn/an-sinh/chinh-thuc-dong-bao-hiem-xa-hoi-15-nam-duoc-huong-luong-huu-20240629201748957.htm