What is the time for pension enjoyment for employees working under fixed-term labor contracts in Vietnam?

What is the time for pension enjoyment for employees working under fixed-term labor contracts in Vietnam?

Pursuant to Clause 1 Article 59 of the Law on Social Insurance in 2014 stipulating as follows:

Time for pension enjoyment

1. 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 this Law, 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.

2. For employees who are paying compulsory social insurance premiums as defined at Point h, Clause 1, Article 2 of this Law, 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.

3. For employees defined at Point g, Clause 1, Article 2 of this Law 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.

4. 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 this Law.

As regulations above, the time for pension enjoyment for employees working under fixed-term labor contracts in Vietnam is the time stated in work cessation decisions issued by employers when the employees have fully satisfied the law-prescribed conditions for pension enjoyment.

What is the time for pension enjoyment for employees working under fixed-term labor contracts in Vietnam? - image from internet

What is the time for pension enjoyment in Vietnam?

Pursuant to Article 76 of the Law on Social Insurance in 2014 stipulating the time for pension enjoyment in Vietnam as follows:

Time for pension enjoyment

1. The subjects defined in Article 72 of this Law are entitled to receive pension from the month following the month when they fully satisfy the conditions for pension enjoyment specified in Article 73 of this Law.

2. The Minister of Labor, Invalids, and Social Affairs shall detail this Article.

As regulations above, the time for pension enjoyment in Vietnam is calculated from the month following the month when they fully satisfy the conditions for pension enjoyment.

Conditions for pension enjoyment are as follows:

- Being full 60 years old, for men, or full 55 years old, for women;

- Having paid social insurance premiums for at least full 20 years.

Who shall be covered by the retirement benefits in Vietnam?

Pursuant to Article 53 of the Law on Social Insurance in 2014 stipulating coverage of the retirement benefits regarding compulsory social insurance as follows:

Coverage of the retirement benefits

The retirement benefits covers employees specified in Clause 1, Article 2 of this Law.

Pursuant to Article 72 of the Law on Social Insurance in 2014 stipulating coverage of the retirement benefits regarding voluntary social insurance as follows:

Coverage of the retirement benefits

The retirement benefits for voluntary social insurance participants covers employees defined in Clause 4, Article 2 of this Law.

As regulations above, following entities shall be covered by the retirement benefits in Vietnam:

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

- 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;

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

- Cadres, civil servants and public employees;

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

- 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;

- 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;

- Vietnamese guest workers defined in the Law on Vietnamese Guest Workers;

- Salaried managers of enterprises and cooperatives;

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

(2) Persons covered by voluntary social insurance are Vietnamese citizens aged full 15 years or older and not defined as subjects covered by compulsory social insurance.

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