Vietnam: In 2024, what is the number of years of social insurance premium payment required for enjoying pension? What is the proposal of paying social insurance premiums for 15 years to enjoy pension?
In 2024, what is the number of years of social insurance premium payment required for enjoying pension in Vietnam?
For compulsory social insurance participants:
Under Article 54 of the Law on Social Insurance 2014 (amended by Point a, Clause 1, Article 219 of the Labor Code 2019) on the eligibility requirements for enjoying a pension by compulsory social insurance participants:
Eligibility requirements for enjoying pension
1. An employee mentioned in Points a, b, c, d, g, h and i Clause 1 Article 2 of this Law, except for the cases specified in Clause 3 of this, will receive pension if he/she has paid social insurance for at least 20 years and:
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2. An employee mentioned in Points dd and e Clause 1 Article 2 of this Law will receive pension if he/she has paid social insurance for at least 20 years and:
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3. A female employee that is a commune official or a part-time worker at the commune authority and has paid social insurance for 15 to under 20 years and reaches the retirement age specified in Clause 2 Article 169 of the Labor Code will receive the pension.
4. The Government shall provide for special cases of retirement age.
Thus, based on the above regulations, to receive pension in 2024, employees must meet the requirements on retirement age and the number of years of social insurance premium payment.
The number of years of social insurance premium payment required for enjoying pension in Vietnam is specified as follows:
- The number of years of social insurance premium payment required for enjoying pension is at least 20 years for both males and females.
- A female employee who is a commune-level official or a part-time official at the commune, ward, or town and has paid social insurance for 15 to under 20 years and reaches the retirement age specified in Clause 2 Article 169 of the Labor Code 2019 will receive the pension.
For voluntary social insurance participants:
Under the provisions of Clause 1, Article 73 of the Law on Social Insurance 2014 amended by Point c, Clause 1, Article 219 of the Labor Code 2019, voluntary social insurance participants are entitled to pension when the following eligibility requirements are met:
- Reach the retirement age as prescribed in Clause 2, Article 169 of the Labor Code 2019;
- Have paid social insurance premiums for at least 20 years.
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What is the proposal of paying social insurance premiums for 15 years to enjoy pension in Vietnam?
This content is mentioned in Proposal 527/TTr-CP here on the Social Insurance Law Project (amended).
Reducing the minimum number of years of social insurance premium payment to enjoy monthly pension from 20 years to 15 years to create opportunities for late participants or intermittent participants, participants with short social insurance premium payment period to enjoy pension (Article 64);
- Resolution 28-NQ/TW 2018 specifies: amend the eligibility requirements for enjoying the pension by gradually reducing the minimum number of years of social insurance premium payment to enjoy the pension from 20 years to 15 years, towards reducing to 10 years with an appropriately calculated pension to create conditions for elderly employees with short social insurance premium payment period to access and enjoy social insurance benefits.
- Practical basis: According to statistics, in 07 years of implementation of the Law on Social Insurance 2014, there are over 476 thousand lump-sum social insurance beneficiaries who have participated in social insurance for more than 10 years with the age of 40 years or older; more than 53,000 people who have reached the end of working age must receive lump-sum social insurance payout because they have not yet paid compulsory social insurance premiums for at least 20 years; over 20 thousand who, when reaching retirement age without meet the minimum payment period, must pay total premiums for the missing time to receive pension. If the minimum social insurance premium payment period to receive a pension is still 20 years, these people are unlikely to receive a pension.
Proposed amendment: Article 64 of the draft Law on Social Insurance (amended) stipulates that employees who reach full retirement age and have paid social insurance premiums for at least 15 years are entitled to a monthly pension.
Thus, under this proposal, people who pay social insurance premiums for at least 15 years and meet the requirements on the retirement age can receive a monthly pension.
What is the time for enjoying pensions in Vietnam?
Under the provisions of Article 59 of the Law on Social Insurance 2014, the time for enjoying pensions is as follows:
- For employees who are paying compulsory social insurance premiums as defined at Points a, b, c, d, dd, e and i, Clause 1, Article 2 of Law on Social Insurance 2014, the time for pension enjoyment is the time stated in work cessation decisions issued by employers when the employees have fully satisfied the law-prescribed conditions for pension enjoyment.
- For employees who are paying compulsory social insurance premiums as defined at Point h, Clause 1, Article 2 of Law on Social Insurance 2014, the time for pension enjoyment is the month following the month when they have fully satisfied the conditions for pension enjoyment and submitted written requests to social insurance agencies.
- For employees defined at Point g, Clause 1, Article 2 of Law on Social Insurance 2014 and persons who have their period of social insurance premium payment reserved, the time for pension enjoyment is the time stated in the written requests of the employees who have fully satisfied the prescribed conditions for pension enjoyment.
- The Minister of Labor, Invalids and Social Affairs shall stipulate in detail the time for pension enjoyment for employees defined in Clause 1, Article 2 of Law on Social Insurance 2014.
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