Ngoc Hoang's mother is a small trader in the market, has never worked for a company so she does not participate in social insurance. Hoang wants her mother to have a pension and health insurance when she gets old, so she intends to buy voluntary social insurance for her mother.
Ms. Hoang asked: "My mother is currently 49 years old. If she participates in voluntary social insurance, she will have 11 years of social insurance contributions by the age of 60. After that, if I pay an additional 9 years of insurance for my mother at once, will she still be eligible for a pension?"
Voluntary social insurance helps many older workers have the opportunity to receive pensions (Illustration: Vietnam Social Security).
Answering this question, Vietnam Social Security pointed out that point e, clause 1, Article 9 of Decree No. 134/2015/ND-CP stipulates that in case a social insurance participant meets the age requirement to receive a pension but the remaining social insurance payment period is not more than 10 years (120 months), he/she can pay a lump sum for the remaining years to reach 20 years to receive a pension.
Clause 2, Article 6 of Decree No. 134/2015/ND-CP stipulates that in case a voluntary social insurance participant makes a one-time payment for the missing years to be eligible for pension, the time to receive pension is calculated from the month following the month of full payment for the missing years.
Thus, by the time Ms. Hoang's mother reaches retirement age according to regulations, if the remaining social insurance payment period is no more than 10 years (120 months) to reach 20 years, she can pay a one-time payment for the remaining period.
According to Vietnam Social Security, the time when Ms. Hoang's mother can receive her pension is from the month following the month when she fully paid the amount for the missing years.
In the draft Law on Social Insurance (amended), the drafting committee agreed to reduce the condition on the minimum number of years of social insurance contributions to receive monthly pension from 20 years to 15 years.
If the bill is passed, along with the regulation of one-time payment for the remaining period of no more than 10 years (120 months) as above, older workers who participate in social insurance late will also have more opportunities to enjoy retirement benefits than current regulations.
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