Vietnam Social Security said that through the regulation reducing the minimum number of years of social insurance contributions to receive pension from 20 years to 15 years, the 2024 Social Insurance Law has created opportunities for those who start participating in social insurance late or participate intermittently or do special jobs with a short working time (when reaching retirement age, they still do not accumulate enough 20 years of social insurance contributions) to also have the opportunity to receive monthly pension and health insurance throughout the pension period.
This regulation shows its attractiveness, encouraging employees to maintain the period of social insurance payment to receive pension, contributing to reducing the number of people withdrawing social insurance at one time.
For employees with a longer period of social insurance contribution, they will still receive pension with a higher pension rate unchanged compared to current regulations.
The 2024 Social Insurance Law also stipulates the pension rate for male and female workers with 15 years of social insurance contributions, with the maximum rate remaining at 75%.
Specifically, male workers who have paid social insurance for 15 to under 20 years will pay 40% for 15 years, 1% for each additional year, and 45% for 20 years; female workers who have paid social insurance for 15 years will pay 45%. After that, 2% will be added for each additional year.
The 2024 Social Insurance Law lowers the minimum number of years of social insurance contributions required to receive a pension (Photo: Ngo Hung).
In addition, the Social Insurance Law 2024 also stipulates the subjects and conditions for receiving pensions when the working capacity is reduced. In addition, Article 141 of the Social Insurance Law 2024 stipulates transition for some subjects.
Specifically, people who participate in voluntary social insurance before January 1, 2021 and have paid voluntary social insurance for 20 years or more will be entitled to receive a pension when they reach the age of 60 for men and 55 for women, except in cases where employees wish to receive a pension according to the provisions of Article 98 of this Law.
Employees who have paid social insurance for 15 years or more and have a document from the social insurance agency confirming that they are waiting to meet the age requirement to receive pension as prescribed in Decree No. 12/CP dated January 26, 1995, amended and supplemented by a number of articles under Decree No. 01/2003/ND-CP dated January 9, 2003 of the Government, will receive pension when men are 60 years old and women are 55 years old.
Commune cadres subject to the adjustment of Decree No. 09/1998/ND-CP dated January 23, 1998 of the Government who have a decision or certificate of eligibility for monthly allowance from the Social Insurance agency shall receive monthly allowance when men reach 55 years old and women reach 50 years old.
Subjects prescribed by this Law who have participated in social insurance before the effective date of this Law and have paid compulsory social insurance for 20 years or more shall have the lowest monthly pension equal to the reference level.
According to Vietnam Social Security, the 2024 Social Insurance Law inherits and develops current regulations that have been tested in practice, amends inappropriate regulations, ensures feasibility, is long-term, and is consistent with the 2019 Labor Code on retirement age and pension age conditions.
Source: https://dantri.com.vn/an-sinh/dong-bao-hiem-xa-hoi-15-nam-co-luong-huu-ty-le-huong-ra-sao-20240930212539836.htm
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