Pension Regime for Individuals Participating in Both Compulsory and Voluntary Social Insurance: Provisions and Regulations
Retirement Regime for Individuals Participating in Both Compulsory and Voluntary Social Insurance
Pursuant to Article 71 of the Law on Social Insurance 2014, the pension and survivor benefits policies for individuals who have periods of participation in both compulsory and voluntary social insurance are stipulated as follows:
Retirement Regime and Survivor Benefits Policies for Individuals with Periods of Participation in Both Compulsory and Voluntary Social Insurance
- The retirement regime and survivor benefits for workers with periods of participation in both compulsory and voluntary social insurance shall be implemented as follows:
a) Those with 20 years or more of compulsory social insurance contributions will have their pension conditions and benefits determined according to the compulsory social insurance policies; the monthly pension amount shall not be lower than the statutory pay rate, except for the subjects specified at Point I, Clause 1, Article 2 of this Law;
b) Those with 15 years or more of compulsory social insurance contributions shall be entitled to monthly survivor benefits in accordance with compulsory social insurance policies;
c) Those with 12 months or more of compulsory social insurance contributions shall be entitled to funeral grants in accordance with compulsory social insurance policies.
- The Government of Vietnam shall provide detailed regulations on this Article.
Thus, the pension for workers with periods of participation in both compulsory and voluntary social insurance shall be implemented as follows:
- Those with 20 years or more of compulsory social insurance contributions will have their pension conditions and benefits determined according to compulsory social insurance policies; the monthly pension amount shall not be lower than the statutory pay rate, except for the subjects specified at Point I, Clause 1, Article 2 of the Law on Social Insurance 2014.
- Those with 15 years or more of compulsory social insurance contributions shall be entitled to monthly survivor benefits in accordance with compulsory social insurance policies.
- Those with 12 months or more of compulsory social insurance contributions shall be entitled to funeral grants in accordance with compulsory social insurance policies.
Retirement regime for individuals participating in both compulsory and voluntary social insurance (Image from the Internet)
Who is Eligible for Pension upon Participating in Compulsory Social Insurance?
Article 53 of the Law on Social Insurance 2014 stipulates the subjects eligible for pensions as follows:
Subjects Eligible for Pensions
The subjects eligible for pensions are the workers defined in Clause 1, Article 2 of this Law.
Thus, the subjects eligible for pensions upon participating in compulsory social insurance include:
- Individuals working under indefinite-term labor contracts, definite-term labor contracts, seasonal labor contracts, or certain job contracts with a duration from 3 months to under 12 months, including labor contracts signed between the employer and the legal representative of individuals under 15 years old as stipulated by labor laws;
- Individuals working under labor contracts with a duration from 1 month to under 3 months;
- Officials and public employees;
- National defense workers, police workers, and other employees in cryptographic organizations;
- Officers, professional soldiers of the People's Army;
- Officers, non-commissioned officers in law enforcement;
- Workers in cryptographic organizations enjoying the same benefits as military personnel;
- Non-commissioned officers, soldiers of the People's Army;
- Non-commissioned officers, soldiers of the People's Public Security serving for a fixed term;
- Students in military, police, and cryptographic schools receiving living allowances;
- Individuals working abroad under contracts as stipulated in the Law on Vietnamese Employees Working Abroad under Contracts;
- Managers of enterprises, managers of cooperative unions receiving salaries;
- Non-specialized workers at commune, ward, and commune-level town.
Who is Eligible for Pension upon Participating in Voluntary Social Insurance?
Article 72 of the Law on Social Insurance 2014 stipulates the subjects eligible for pensions as follows:
Subjects Eligible for Pensions
The subjects eligible for pensions participating in voluntary social insurance are the workers defined in Clause 4, Article 2 of this Law.
Clause 4, Article 2 of the Law on Social Insurance 2014 defines the participants of voluntary social insurance as follows:
Subjects Eligible
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- Participants of voluntary social insurance are Vietnamese citizens aged 15 years and older and not belonging to the subjects specified in Clause 1 of this Article.
Thus, the subjects eligible for pensions upon participating in voluntary social insurance are Vietnamese citizens aged 15 years and older and not belonging to the subjects eligible for pensions under the compulsory social insurance scheme.
