Is It Necessary to Postpone the Payment Schedule for May Pension and Social Insurance Benefits? How Many Years of Social Insurance Contributions are Needed for Maximum Pension upon Retirement in 2023?
Is the Payment Schedule for May Pensions and Social Insurance Benefits Delayed?
According to the provisions in Decision 166/QD-BHXH of 2019, the monthly payment schedule for pensions and social insurance benefits is from the 2nd to the 25th of each month.
Based on Article 7 of the Process issued under Decision 166/QD-BHXH of 2019 by the General Director of Vietnam Social Insurance as follows:
Resolution and Payment
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4.1.4 Organize the monthly payment of pensions and social insurance benefits to beneficiaries through the Postal System according to the signed contract.
a) Payment at the payment point: From the 2nd to the 10th of the month, organizing payments for at least 6 hours/day at all payment points; payment is only concluded before the 10th for points that have completed payments to all beneficiaries listed by the social insurance agency.
b) Payment at the transaction points of the district post offices: From the 11th of the month, continue payments at the transaction points of the district post offices until the 25th of the month.
At the same time, the Ho Chi Minh City Social Insurance has issued a notice regarding the May pension and social insurance benefit payment schedule.
According to the notice, due to the extended 5-day consecutive holidays (from April 29, 2023, to May 3, 2023) for the Hung Kings Commemoration and April 30 - May 1, the May 2023 pension and social insurance benefit payment schedule is arranged as follows:
+ For cash recipients: Payments will start from May 4, 2023, to May 25, 2023.
+ For ATM recipients: Payments will start from May 4, 2023, to May 5, 2023.
- It can be observed that instead of the standard beginning on the 2nd, as in previous months, pensioners and social insurance benefit recipients in Ho Chi Minh City will start receiving their pensions and benefits for May 2023 from May 4.
- Ho Chi Minh City Social Insurance requests that the Ho Chi Minh City Post, Thu Duc City Social Insurance, and district social insurance agencies inform beneficiaries by the April 2023 payment period.
Is the payment schedule for May pensions and social insurance benefits delayed? How many years of social insurance contribution are required to receive the maximum pension upon retirement in 2023?
What Conditions Must Workers Meet to Be Eligible for Pensions in 2023?
The conditions for receiving pensions are stipulated in Article 54 of the Social Insurance Law 2014 (amended by point a, clause 1, Article 219 of the Labor Code 2019) as follows:
- Workers specified in points a, b, c, d, g, h, and i, clause 1, Article 2 of the Social Insurance Law 2014, who terminate their employment, are eligible for pensions if they have at least 20 years of social insurance contributions and meet one of the following conditions:
+ Male workers at least 60 years and 6 months old, female workers at least 56 years old.
+ Male workers from 55 to 60 years old, female workers from 50 to 55 years old, with at least 15 years in physically demanding, hazardous, or dangerous jobs.
+ Male workers from 55 to 60 years old, female workers from 50 to 55 years old, with at least 15 years in areas with a regional allowance factor of 0.7 or higher.
+ Workers from 50 to 55 years old with at least 20 years of social insurance contributions and at least 15 years in coal mining in underground mines.
+ Workers infected with HIV/AIDS due to occupational risks.
- Workers specified in points d and e clause 1, Article 2 of the Social Insurance Law 2014, who terminate their employment, are eligible for pensions if they have at least 20 years of social insurance contributions and meet one of the following conditions:
+ Male workers at least 55 years old, female workers at least 50 years old, unless otherwise specified by the Law on Vietnamese People's Army Officers, the Law on People's Public Security, and the Cipher Law.
+ Male workers from 50 to 55 years old, female workers from 45 to 50 years old, with at least 15 years in physically demanding, hazardous, or dangerous jobs or particularly demanding, hazardous, or dangerous jobs.
+ Male workers from 50 to 55 years old, female workers from 45 to 50 years old, with at least 15 years in areas with a regional allowance factor of 0.7 or higher.
+ Workers infected with HIV/AIDS due to occupational risks.
- Female workers who are full-time or part-time officials of communes, wards, and commune-level towns, who participate in social insurance and upon termination of employment have from 15 to under 20 years of social insurance contributions and are at least 55 years old, are eligible for pensions.
How Many Years of Social Insurance Contributions Are Required to Receive the Maximum Pension upon Retirement in 2023?
According to clause 2, Article 56 of the Social Insurance Law 2014 regarding the monthly pension level:
From January 1, 2018, the monthly pension of workers eligible under Article 54 of the Social Insurance Law 2014 is calculated at 45% of the average monthly income for social insurance contributions as specified in Article 62 of the Social Insurance Law 2014, with corresponding years of social insurance contributions as follows:
- Male workers retiring in 2018 need 16 years, in 2019 need 17 years, in 2020 need 18 years, in 2021 need 19 years, and from 2022 onwards need 20 years.
- Female workers retiring from 2018 onwards need 15 years.
Subsequently, for each additional year, the pension increases by 2%, with a maximum rate of 75%.
Therefore, workers retiring in 2023 and having the following years of social insurance contributions will receive the maximum pension rate of 75%:
- Male workers: At least 35 years of social insurance contributions.
- Female workers: At least 30 years of social insurance contributions.
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