Is it possible to receive a monthly pension after 19 years of social insurance contributions in Vietnam? If a person hasn't paid enough, can he/she reserve it?

Is it possible to receive a monthly pension after 19 years of social insurance contributions in Vietnam?

Based on Article 56 of the 2014 Social Insurance Law, the monthly pension is determined as follows:

1. From the effective date of this Law to January 1, 2018, the monthly pension of employees who fully satisfy the conditions specified in Article 54 of this Law must equal 45% of the average monthly salary on which social insurance premiums are based as prescribed in Article 62 of this Law, corresponding to 15 years of social insurance premium payment, which shall be added with 2%, for men, or 3%, for women, for each additional year of social insurance premium payment, but must not exceed 75%.

Based on the Clause 2 of Article 56 of the 2014 Social Insurance Law regarding the period of social insurance contributions to receive a pension:

2. Since January 1, 2018, the monthly pension of employees who fully satisfy the conditions specified in Article 54 of this Law will equal 45% of the average monthly salary on which social insurance premiums are based as prescribed in Article 62 of this Law, and correspond to the following period of social insurance premium payment:

a/ For male employees who retire in 2018, 2019, 2020 and 2021 and since 2022, it is 16 years, 17 years, 18 years, 19 years and 20 years, respectively;

b/ For female employees who retire since 2018, it is 15 years;

For employees defined at Points a and b of this Clause, the pension rate shall be added with 2% for each additional year of social insurance premium payment, but must not exceed 75%.

Therefore, according to the current regulations compared to the case you mentioned, female employees retiring from 2018 onwards need to have contributed to social insurance for 15 years, which is the case for you as a female employee, so you have enough time to receive a pension. Since you have an excess of 4 years of contributions, you will receive an additional 2% for each year. Therefore, your current pension rate is 53%.

Is it possible to receive a monthly pension after 19 years of social insurance contributions in Vietnam? If a person hasn't paid enough, can he/she reserve it? (Image from the Internet)

Is it possible to reserve the period of social insurance contributions if it is insufficient in Vietnam?

In addition, Article 73 of the 2014 Social Insurance Law, amended by Point c, Clause 1, Article 219 of the Labor Code 2019, stipulates the conditions for receiving social insurance as follows:

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.

In addition, Article 61 of the 2014 Social Insurance Law stipulates the reservation of period of social insurance premium payment as follows:

Employees who cease working without being eligible for pension specified in Article 54 or 55 of this Law or without receiving a lump-sum social insurance allowance provided in Article 60 of this Law are entitled to have their period of social insurance premium payment reserved.

Therefore, employees who have not yet met the required period of social insurance contributions can contribute for a total of 20 years to receive a monthly pension. In addition, in cases where there is no immediate eligibility for social insurance contributions, employees can reserve the period of social insurance contributions.

Best Regards!