From July 01, 2025, what are the forms of pension and social insurance benefits payment for participants in compulsory social insurance?
From July 1, 2025, in what forms are mandatory social insurance participants paid their pensions and social insurance benefits?
Pursuant to Article 93 of the Social Insurance Law 2024, the forms of payment for pensions and social insurance benefits are stipulated as follows:
Forms of payment for pensions and social insurance benefits
Through the beneficiary's account opened at a commercial bank, or a branch of a foreign bank established and operating in Vietnam.
Directly from the social insurance agency or service organization authorized by the social insurance agency.
Through the employer.
From July 1, 2025, mandatory social insurance participants are paid their pensions and social insurance benefits in the following forms:
- Through the beneficiary's account opened at a commercial bank, or a branch of a foreign bank established and operating in Vietnam.- Directly from the social insurance agency or service organization authorized by the social insurance agency.- Through the employer.
From July 1, 2025, in what forms are mandatory social insurance participants paid their pensions and social insurance benefits? (Image from the Internet)
In 2024, what is the retirement age for workers under normal working conditions?
Pursuant to Clause 2, Article 169 of the Labor Code 2019, the retirement age is regulated as follows:
Retirement age
Workers who meet the conditions regarding the period of social insurance contribution as stipulated by the social insurance law are entitled to retire when they reach the retirement age.
The retirement age for workers under normal working conditions is adjusted by a roadmap until reaching 62 years old for male workers by 2028 and 60 years old for female workers by 2035.
From 2021, the retirement age for workers under normal working conditions is 60 years and 03 months for male workers and 55 years and 04 months for female workers; thereafter, each year increases by 03 months for male workers and 04 months for female workers.
Workers with reduced working capacity; performing particularly heavy, hazardous, and dangerous jobs; performing heavy, hazardous, and dangerous jobs; working in areas with extremely difficult socio-economic conditions can retire at a lower age but not exceeding 05 years earlier than the age stipulated in Clause 2 of this Article at the retirement time, unless otherwise stipulated by law.
Workers with high professional and technical qualifications and certain special cases can retire at a higher age but not exceeding 05 years older than the age stipulated in Clause 2 of this Article at the retirement time, unless otherwise stipulated by law.
The Government of Vietnam prescribes specific regulations for this Article.
According to the above regulations, the retirement age for workers under normal working conditions is adjusted by a roadmap until reaching 62 years old for male workers by 2028 and 60 years old for female workers by 2035.
Therefore, in 2024, the retirement age for workers under normal working conditions is 61 years old for males and 56 years and 4 months old for females.
How is the pension commencement date determined?
Pursuant to Article 101 of the Social Insurance Law 2024, the pension commencement date is regulated as follows:
Pension commencement date
The pension commencement date for those stipulated in Article 98 of this Law is calculated from the first day of the month following the month when the conditions for enjoying the pension as stipulated in Article 98 of this Law are met.
In cases where social insurance participants continue to make voluntary social insurance payments after they have met the conditions for enjoying the pension, the pension commencement date is the first day of the month following the month in which they stop making payments and request to receive the pension.
In cases where voluntary social insurance participants make one-time payments for the remaining years as stipulated at point e, Clause 2, Article 36 of this Law, the pension commencement date is the first day of the month following the month when the full amount for the remaining years is paid.
The Minister of Labor, Invalids and Social Affairs prescribes specific regulations for this Article; prescribes the calculation, determination of conditions for each case for solving pension benefits.
Thus, the pension commencement date is determined as follows:
- The pension commencement date for workers who continuously work until reaching the retirement age is calculated from the first day of the month following the month when the conditions for enjoying the pension are met.- In cases where social insurance participants continue to make voluntary social insurance payments after they have met the conditions for enjoying the pension, the pension commencement date is the first day of the month following the month in which they stop making payments and request to receive the pension.- In cases where voluntary social insurance participants make one-time payments for the remaining years to meet the conditions for enjoying the pension, the pension commencement date is the first day of the month following the month when the full amount for the remaining years is paid.
Note: The Social Insurance Law 2024 is effective from July 1, 2025.
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