Is there any allowance but pension for employees upon retirement in Vietnam? What are the conditions for pension enjoyment for voluntary social insurance participants?
Is there any allowance but pension for employees upon retirement in Vietnam?
Pursuant to Article 58 of the Law on Social Insurance 2014, regulations on lump-sum allowance upon retirement are specifically as follows:
Lump-sum allowance upon retirement
1. Employees who have paid social insurance premiums for a period exceeding the number of years corresponding to the 75% pension rate are entitled to not only pension but also a lump-sum allowance upon retirement.
2. The lump-sum allowance level shall be calculated based on the number of years of social insurance premium payment in excess of the number of years corresponding to the 75% pension rate, with half of the average monthly salary on which social insurance premiums are based for each of these years.
Thus, according to the above regulations, employees who have paid social insurance premiums for a period exceeding the number of years corresponding to the 75% pension rate are entitled to not only pension but also a lump-sum allowance upon retirement.
Is there any allowance but pension for employees upon retirement in Vietnam? What are the conditions for pension enjoyment for voluntary social insurance participants? (Image from the Internet)
What are the conditions for pension enjoyment for voluntary social insurance participants in Vietnam?
What are the pension eligibility conditions for voluntary social insurance participants?
Pursuant to Article 73 of the Law on Social Insurance 2014 as amended by Point c, Clause 1, Article 219 of the Labor Code 2019, the conditions for pension enjoyment are as follows:
Conditions for pension enjoyment
1. A worker will receive retirement pension when he/she:
a) reaches the retirement age specified in Clause 2 Article 169 of the Labor Code; and
b) has paid social insurance for at least 20 years.
2. Employees who satisfy the age requirement specified at Point a, Clause 1 of this Article but have paid social insurance premiums for under 20 years may continue paying social insurance premiums until the payment period reaches full 20 years in order to enjoy pension.
Thus, a worker will receive retirement pension when he/she::
- Reaches the retirement age as prescribed in Clause 2, Article 169 of the Labor Code 2019.
Retirement ages
1. An employee who has paid social insurance for an adequate period of time as prescribed by social insurance laws shall receive retirement pension when he/she reaches the retirement age.
2. Retirement ages of employees in normal working conditions shall be gradually increased to 62 for males by 2028 and 60 for females in 2035.
From 2021, the retirement ages of employees in normal working conditions shall be 60 yeas 03 months for males and 55 years 04 months for females, and shall increase by 03 months for males and 04 months for females after every year.
Currently, retirement ages of employees in normal working conditions shall be gradually increased to 62 for males by 2028 and 60 for females in 2035.
- has paid social insurance for at least 20 years.
In case the employee has met the age requirements but has paid social insurance for less than 20 years, he/she can pay until 20 years to enjoy pension.
What are the cases of suspension from enjoyment of pension in Vietnam?
Pursuant to Article 64 of the Law on Social Insurance 2014, regulations on temporary suspension from pensions and monthly social insurance benefits are specifically as follows:
Suspension from or continuation of enjoyment of pension or monthly social insurance allowance
1. Persons on pension or monthly social insurance allowance shall be suspended from enjoying such pension or allowance in one of the following cases:
a/ They illegally leave the country;
b/ They are declared missing by the court;
c/ There are grounds to confirm that their enjoyment of social insurance is illegal.
2. Pension or monthly social insurance allowance must continue to be paid when emigrants legally return to reside in the country in accordance with the residence law. In case there is a court's legally effective decision annulling the decision to declare missing, they are entitled not only to continue enjoying such pension or allowance but also to have their pension or monthly social insurance allowance retrospectively paid since the time of suspension.
3. Social insurance agencies, when deciding on suspension from enjoyment of social insurance under Point c, Clause 1 of this Article, shall notify in writing and clearly state the reason. Within 30 days from the date of suspension, social insurance agencies shall issue a decision settling the enjoyment; if deciding on termination of enjoyment of social insurance, they shall clearly state the reason...
Thus, according to the above regulations, persons on pension or monthly social insurance allowance shall be suspended from enjoying such pension or allowance in one of the following cases:
- They illegally leave the country;
- They are declared missing by the court;
-There are grounds to confirm that their enjoyment of social insurance is illegal. In this case, social insurance agencies shall notify in writing and clearly state the reason. Within 30 days from the date of suspension, social insurance agencies shall issue a decision settling the enjoyment; if deciding on termination of enjoyment of social insurance, they shall clearly state the reason.
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