How to Maximize Benefits When Not Yet of Retirement Age?

The content is answered by the Legal Secretary as follows:

According to the provisions of Article 55 of the Social Insurance Law 2014, to be eligible for early retirement benefits, the following conditions must be met:

- Have at least 20 years of social insurance contributions;- Men must be at least 50 years old, women must be at least 45 years old and have a reduction in working capacity of 81% or more;- Alternatively, men must be at least 51 years old, women must be at least 46 years old with a reduction in working capacity of 61% or more;- Alternatively, have at least 15 years of working in particularly heavy, toxic, or dangerous jobs or occupations, with a reduction in working capacity of 61% or more.

Therefore, your father's case does not qualify for early retirement benefits. However, he can still preserve the remaining years of social insurance contributions to receive retirement benefits according to the provisions of Article 60 of the Social Insurance Law 2014. In the case of preservation, your father has two options:

- First option: Preserve until the age of 60 to receive retirement benefits under normal conditions;- Second option: Preserve until the age of 50 and receive retirement benefits under the conditions for retirement when the working capacity is reduced (This case still requires assessment of a working capacity reduction of 81% or more).

The final choice is a one-time social insurance payment if your father's condition reaches the following:

- Disability of 81% or more;- Inability to control or perform daily activities such as movement, dressing, personal hygiene, and other daily personal needs without complete assistance.

Based on Article 8 of Decree 115/2015/ND-CP, the level of one-time social insurance payment is calculated according to the number of years of social insurance contributions, with each year of contribution earning 1.5 months of salary for the years of contribution before 2014 and 2 months of salary for the years of contribution from 2014 onwards.

Thus, when not yet reaching retirement age, employees may choose one of the aforementioned options suitable to their individual circumstances to benefit the most.

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