People who pay social insurance for 15 years are entitled to pension.

Accordingly, the amended Law on Social Insurance stipulates a reduction in the minimum number of years of social insurance contributions required to receive a monthly pension from 20 years to 15 years.

Resolution No. 28-NQ/TW has set out the reform task with the content: "Amending the conditions for enjoying the pension regime in the direction of gradually reducing the minimum number of years of social insurance contribution to enjoy the pension regime from 20 years to 15 years, towards 10 years with the benefit level calculated appropriately to create conditions for elderly workers with low number of years of social insurance participation to access and enjoy social insurance benefits".

In fact, many people receive social insurance at one time because the number of years of pension accumulation (20 years) is too long, reducing the motivation of workers to participate and stay long-term to receive pension.

The amended Law on Social Insurance stipulates that employees who reach retirement age and have paid social insurance for 15 years or more are entitled to receive a monthly pension. This provision is intended to create opportunities for late participants or those who have not participated continuously to accumulate 15 years of contributions (instead of 20 years as currently prescribed) to receive a monthly pension instead of having to receive a lump sum of social insurance. This provision on the minimum number of years of contributions does not apply to pensioners with reduced working capacity.

Regarding the monthly pension, for female workers it is 45% of the average salary used as the basis for social insurance contributions, corresponding to 15 years of social insurance contributions, then for each additional year of contributions, an additional 2% is calculated, with a maximum of 75%.

For male workers, it is 45% of the average salary used as the basis for social insurance payment, corresponding to 20 years of social insurance payment, then for each additional year of payment, an additional 2% is calculated, with a maximum of 75%.

In case male employees have paid social insurance for 15 years but less than 20 years, the monthly pension is equal to 40% of the average salary used as the basis for paying social insurance as prescribed, then for each additional year of payment, 1% is added.

With a stable monthly pension, periodically adjusted by the State and during the pension period, the Social Insurance Fund will buy health insurance cards, which will contribute to better ensuring the lives of workers. More people will be guaranteed pensions and enjoy health insurance when they retire.