Did Vietnam Social Security just announce pension payments before Lunar New Year 2024 and combine pensions for January and February 2024 into the same payment period? Please refer to the article below.
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Pension payment before Lunar New Year 2024: Combine pensions for January and February 2024 into one payment period
On December 13, 2023, Vietnam Social Security issued Official Dispatch 4210/BHXH-TCKT to Vietnam Post Corporation and Social Security of provinces and centrally-run cities regarding the payment of pensions and social insurance benefits for January and February 2024.
Accordingly, to create conditions for pensioners and social insurance beneficiaries to enjoy the traditional Tet holiday, Vietnam Social Security will provide funds to pay pensions and social insurance benefits for January and February 2024 to social insurance of provinces and centrally run cities (collectively referred to as provincial social insurance) to pay to beneficiaries in the same payment period of January 2024, including beneficiaries receiving in cash and receiving through personal accounts.
Vietnam Social Security requests that the provincial Social Security coordinate with the provincial Post Office to: Develop a payment plan, ensure full and timely payment of monthly pensions and social insurance benefits to beneficiaries; Strengthen inspection and supervision of the payment process for beneficiaries, coordinate, resolve and handle any arising issues, promptly report problems during the implementation process; Coordinate with central and local news agencies, newspapers, post offices, banks, job placement centers, etc. to promote and encourage beneficiaries to receive social insurance and unemployment benefits through personal accounts so that beneficiaries can receive benefits quickly and conveniently.
Vietnam Post Corporation directs its affiliated units to coordinate with the Social Insurance Agency to develop a plan to pay monthly pensions and social insurance benefits for January and February 2024 during the January 2024 payment period, creating the most favorable conditions for beneficiaries during the New Year and Lunar New Year; organize payments at home for beneficiaries who are elderly, lonely, sick, or ill and unable to come to receive them.
Thus, in the upcoming pension payment period, pensions will be paid before Lunar New Year 2024, including pensions for January and February 2024 in the same payment period.
Monthly pension payment schedule
According to Decision 166/QD-BHXH in 2019 of Vietnam Social Security, monthly payment of pensions and social insurance benefits starts from the 2nd day of the month of payment.
When do workers receive pension?
According to current regulations, employees working under normal conditions when retiring must have paid social insurance for at least 20 years and meet the age requirement (retirement age from January 1, 2024 is 61 years old for male employees and 56 years and 4 months old for female employees.
After that, every year, male workers will be entitled to pension benefits by 3 months until they reach 62 years old in 2028 and by 4 months every year for female workers until they reach 60 years old in 2035.
Retirement is the most important regime in the social insurance system. Pension is the legal right of employees after completing their labor obligations and paying social insurance, aiming to stabilize the lives of employees when they reach retirement age.
The pension regime includes two processes: contribution and enjoyment. The contribution process is carried out when the employee starts participating in social insurance and the enjoyment process starts from the time the employee stops working to receive pension until death.
Pensioners are entitled to receive a monthly pension for life, are issued a free health insurance card and enjoy other pensioner-related benefits. Pensioners are only suspended from receiving their pension in one of the following cases: illegally leaving the country; being declared missing by the Court; or having grounds to determine that their social insurance benefits are not in accordance with the law.
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