How will pension payments change from July 1?

Flexible pension payment method to beneficiaries (illustrative photo)

Accordingly, for those participating in compulsory social insurance (SI), there will be 3 forms of receiving pension and SI benefits including:

Through the beneficiary's account opened at a commercial bank or foreign bank branch established and operating in Vietnam;

Directly from the Social Insurance agency or service organization authorized by the Social Insurance agency;

Through the employer.

For voluntary social insurance participants, there are 2 forms of receiving pension and social insurance benefits:

Form 1 is through the beneficiary's account opened at a commercial bank or foreign bank branch established and operating in Vietnam.

The second form is directly from the Social Security agency or a service organization authorized by the Social Security agency.

A representative of Vietnam Social Security said that the form of pension payment ensures flexibility to beneficiaries.

Particularly for people aged 80 years or older, if they have a need, the agency or service organization authorized by the agency will pay pensions and allowances at their place of residence in Vietnam.

Pay 15 years can get pension

Regarding pension benefits from July 1, 2025, the Social Insurance Law 2024 stipulates that the monthly pension for female employees is equal to 45% of the average salary used as the basis for social insurance contributions, equivalent to 15 years of social insurance contributions; then for each additional year of contributions, an additional 2% is calculated, with a maximum of 75%.

The monthly pension for male workers is equal to 45% of the average salary used as the basis for social insurance contributions, corresponding to 20 years of social insurance contributions; then for each additional year of contributions, an additional 2% is calculated, up to a maximum of 75%.

For male employees who have paid social insurance for 15 years to less than 20 years, the monthly pension is equal to 40% of the average salary used as the basis for social insurance payment, corresponding to 15 years of payment; then, for each additional year of payment, an additional 1% is calculated.

To receive pension, the documents include:

For those participating in compulsory social insurance: Social insurance book and documents proving termination of labor contract or documents confirming resignation.

For those who reserve insurance payment period: Social insurance book and request for reservation.

For special cases: Minutes of assessment of the level of reduced working capacity or certificate of disability, certificate of HIV infection due to occupational accident, depending on each case.

PV (synthesis)

Source: https://baohaiduong.vn/hinh-thuc-chi-tra-luong-huu-thay-doi-the-nao-tu-1-7-409269.html