What is the age limit for voluntary social insurance participation in Vietnam? What are benefits for people participating voluntary social insurance in Vietnam?

What is the age limit for voluntary social insurance participation in Vietnam?

Pursuant to Article 2 of the Law on Social Insurance in 2014 stipulating subjects of application:

Subjects of application

1. Employees being Vietnamese citizens shall be covered by compulsory social insurance, including:

a/ Persons working under indefinite-term labor contracts, definite-term labor contracts, seasonal labor contracts or contracts for given jobs with a term of between full 3 months and under 12 months, including also labor contracts signed between employers and at-law representatives of persons aged under 15 years in accordance with the labor law;

b/ Persons working under labor contracts with a term of between full 1 month and under 3 months;

c/ Cadres, civil servants and public employees;

d/ Defense workers, public security workers and persons doing other jobs in cipher organizations;

dd/ Officers and professional army men of the people's army; officers and professional non-commissioned officers and officers and technical non- commissioned officers of the people's public security; and persons engaged in cipher work and enjoying salaries like army men;

e/ Non-commissioned officers and soldiers of the people’s army; non- commissioned officers and soldiers on definite-term service in the people’s public security; army, public security and cipher cadets who are entitled to cost- of-living allowance;

g/ Vietnamese guest workers defined in the Law on Vietnamese Guest Workers;

h/ Salaried managers of enterprises and cooperatives;

i/ Part-time staffs in communes, wards and townships.

2. Employees who are foreign citizens working in Vietnam with work permits or practice certificates or practice licences granted by competent Vietnamese agencies shall be covered by compulsory social insurance under the Government’s regulations.

3. Employers covered by compulsory social insurance include state agencies, non-business units and people's armed forces units; political organizations, socio-political organizations, socio-politico-professional organizations, socio-professional organizations and other social organizations; foreign agencies and organizations, and international organizations operating in the Vietnamese territory; enterprises, cooperatives, individual business households, cooperative groups, and other organizations and individuals that hire or employ employees under labor contracts.

4. Persons covered by voluntary social insurance are Vietnamese citizens aged full 15 years or older and not defined in Clause 1 of this Article.

5. Agencies, organizations and individuals involved in social insurance.

The subjects defined in Clauses 1, 2 and 4 of this Article are below collectively referred to as employees.

As regulated above, persons covered by voluntary social insurance are Vietnamese citizens aged full 15 years or older.

They must be Vietnamese citizens and are not covered by compulsory social insurance.

What is the age limit for voluntary social insurance participation in Vietnam? What are benefits for people participating voluntary social insurance in Vietnam? - image from internet

What are benefits for people participating voluntary social insurance in Vietnam?

Pursuant to Clause 2 Article 4 of the Law on Social Insurance in 2014 stipulating social insurance benefits:

Social insurance benefits

1. Compulsory social insurance covers the following benefits:

a/ Sickness;

b/ Maternity;

c/ Occupational accident and occupational disease;

d/ Retirement;

dd/ Survivorship allowance.

2. Voluntary social insurance covers the following benefits:

a/ Retirement;

b/ Survivorship allowance.

3. The supplementary retirement scheme shall be stipulated by the Government.

As regulated above, voluntary social insurance covers the following benefits:

- Retirement;

- Survivorship allowance.

What are conditions for pension enjoyment when participating voluntary social insurance in Vietnam?

Pursuant to Article 73 of the Law on Social Insurance in 2014 (amended by Clause 1.c Article 219 of the Labor Code in 2019) stipulating conditions for pension enjoyment:

Conditions for pension enjoyment

1. An employee 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.

As regulated above, an employee participating voluntary social insurance in Vietnam will receive retirement pension when he/she:

- reaches the retirement age specified in Clause 2 Article 169 of the Labor Code in 2019;

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.

- has paid social insurance for at least 20 years.

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