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From July 1, the Law on Social Insurance (SI) 2024 officially took effect, bringing many new points beneficial to employees, especially regarding pension conditions and support policies for those who are not eligible for retirement.
On the morning of April 14, Vietnam Social Security informed the press about pension conditions and policies for social security participants who are not eligible for pension.
Accordingly, employees who reach retirement age and have paid social insurance for 15 years or more will receive a monthly pension and be given a free health insurance card for health care during their pension period.
This regulation applies to those who have participated in social insurance before the Social Insurance Law 2024 takes effect.
On the other hand, the above regulation of the Social Insurance Law 2024 also encourages employees to maintain the period of social insurance payment to receive pension, contributing to reducing the number of people withdrawing social insurance at one time. From there, it creates opportunities for all employees when they reach retirement age to have a stable income from pension and have a free health insurance card.
When the new Social Insurance Law comes into effect, there will be cases where employees reach retirement age but have not paid social insurance for 15 years to receive a pension.
For these cases, Vietnam Social Security clearly states: In case employees are not eligible for retirement (have not paid social insurance for 15 years), they should continue to participate in social insurance to have the opportunity to enjoy higher benefits.
According to the proposal of the Ministry of Labor, War Invalids and Social Affairs (now the Ministry of Home Affairs), social insurance participants who have reached retirement age but have not paid social insurance for more than 5 years (60 months) can pay at once for 15 years to receive pension.
Thus, in cases where employees reach retirement age and are short of more than 5 years of social insurance contributions, they can pay monthly until they reach 10 years, then pay once for the remaining 5 years to be eligible for pension.
When continuing to participate in social insurance, employees will enjoy higher benefits because the benefits are calculated based on the payment period such as sickness, work accident, occupational disease, etc.
Workers are entitled to pensions under easier conditions because the minimum number of years of contribution to receive pensions is 15 years instead of 20 years as currently regulated.
During the pension period, the beneficiary also receives health insurance premiums from the Social Insurance Fund and medical examination and treatment fees for health care.
In case the social insurance participant has reached retirement age(but have not paid social insurance for 15 years to receive pension) and are not old enough to receive social pension benefits, if they do not receive one-time social insurance and do not reserve the time they have paid social insurance and have a request, they will receive the following regime:
Receive monthly benefits from your own social insurance contributions. The duration and level of monthly benefits are determined based on the period of contribution and salary used as the basis for social insurance contributions of the employee. The lowest monthly benefit level is equal to the social pension benefit level.
During the period of receiving monthly benefits, the beneficiary receives health insurance from the state budget; when the beneficiary dies, relatives are entitled to a one-time benefit for the months not yet received and a funeral benefit if they meet the prescribed conditions.
The pension rate is higher when the social insurance participation period is longer.
According to Vietnam Social Security, if an employee has paid social insurance for more than 15 years, he/she will receive a higher pension rate due to the long period of social insurance payment.
Specifically, 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 2% is added for each additional year of contributions, up to a maximum of 75%; for male workers it is 45% of the average salary used as the basis for social insurance contributions, corresponding to 20 years of social insurance contributions, then 2% is added for each additional year of contributions, up to 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 social insurance payment, then for each additional year of payment, 1% is added.
