60-year-olds will receive monthly benefits from July 1

In Clause 1, Article 23 of the Law on Social Insurance 2024, the conditions for employees to receive monthly benefits are stipulated as follows:

- Vietnamese citizens who are of retirement age from July 1, 2025 (when the Social Insurance Law 2024 takes effect): Male workers aged 61 years and 3 months and female workers aged 56 years and 8 months, have paid social insurance but are not eligible for pension.

- Vietnamese citizens who are not eligible for social pension benefits according to Article 21 of the Law on Social Insurance 2024. Specifically: 75 years of age or older; not receiving monthly pension or social insurance benefits, except in other cases as prescribed by the Government; have a written request to receive social pension benefits.

- No one-time social insurance benefits and no retention.

- Request to receive monthly benefits from your own contributions according to the time and level of social insurance contributions of employees.

Thus, 60-year-old workers will receive monthly benefits in case they do not meet the conditions for receiving social pension benefits and are not eligible for pension without reserving or receiving one-time social insurance.

Forms of receiving pension from July 1, 2025

For participants of compulsory social insurance

Pursuant to Article 93 of the Law on Social Insurance 2024, there are 3 forms of receiving pension as follows:

- 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 a service organization authorized by the social insurance agency.

- Through the employer.

For voluntary social insurance participants

Pursuant to Article 114 of the Law on Social Insurance 2024, there are 2 forms of pension receipt for voluntary social insurance participants, 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 a service organization authorized by the social insurance agency.

The above forms are similar to the regulations on pension payment forms in Clause 3, Article 18 of the Law on Social Insurance 2014.