Ms. Le Thi L. (56 years old) in Hanoi said that next July she will reach retirement age according to the provisions of the Labor Code, but because she has only participated in social insurance for 10 years and 5 months, she is not eligible for a pension .

Ms. L. wondered if she could pay social insurance at one time for the remaining time to receive pension?

According to Vietnam Social Security, the Social Security Law 2024, effective from July 1, 2025, stipulates that the condition for social insurance payment period to receive pension is reduced from 20 years to 15 years.

Therefore, determining the number of missing years that social insurance participants can pay at once to receive immediate pension needs to be adjusted accordingly.

Buddhist Monks (23).jpg (Chi Hieu)
Illustration: Chi Hieu

The proposal to reduce the number of years of social insurance contributions for the remaining time to receive pension has been included in the draft Decree detailing and guiding the implementation of a number of articles of the Social Insurance Law on voluntary social insurance, which is seeking opinions from ministries and branches.

Adjusting the number of missing years that social insurance participants can pay at once to receive immediate pension is consistent with the "pay - receive" principle and the balancing capacity of the social insurance fund.

Furthermore, in Resolution No. 28-NQ/TW on reforming social insurance policies, the amendment of the conditions for enjoying the pension regime is directed towards 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 years of social insurance participation to access and enjoy social insurance benefits.

In order to overcome the limitations in the current period, the draft also proposes to adjust the contribution level of the one-time payment method for the remaining period of social insurance payment to be eligible for pension. Social insurance participants who have reached the retirement age according to the provisions of the Labor Code but the remaining period of social insurance payment is not more than 5 years (60 months) will be allowed to pay for 15 years to receive pension.

Accordingly, the number of years (months) of social insurance contributions that employees are still lacking and are required to pay one-time contributions to receive immediate pension is adjusted down to a maximum of 5 years (60 months).

Employees must still ensure that when they reach retirement age, they must have paid social insurance for at least 10 years in accordance with the viewpoint in Resolution No. 28.

Thus, if the draft guidance is approved soon, from July 1, when reaching retirement age, Ms. Le Thi L. can pay social insurance at once for the remaining 15 years to be eligible for a pension.

Can freelancers pay voluntary social insurance once every 15 years to receive pension?

Can freelancers pay voluntary social insurance once every 15 years to receive pension?

According to the Law on Social Insurance (SI) 2024, voluntary SI participants can pay once for many years to come and once for the remaining time to be eligible for pension.
What is the pension level for workers who retire early under Decree 178?

What is the pension level for workers who retire early under Decree 178?

Employees who retire early under Decree 178 of the Government will not have their pension rate deducted for each year of early retirement. However, whether or not an employee is entitled to the maximum rate (75%) depends on the time of participation in social insurance.