Regulations on Voluntary Social Insurance Contributions and Benefits to Know

In your case, Thu Ky Luat provides the following explanation:

According to Clause 2, Article 4 of the 2014 Law on Social Insurance, participants in voluntary social insurance (VSI) are entitled to pensions and survivor benefits.

Regarding pension policies

- In 2018, male workers who have paid VSI for 16 years and female workers who have paid VSI for 15 years are entitled to a monthly pension with a minimum rate equal to 45% of the average monthly income on which VSI premiums were based;- For each additional year of VSI contribution, the pension rate will increase by 2%, up to a maximum of 75%.

Therefore, if you have voluntarily paid insurance for 20 years and retire in 2018, the monthly pension rate will be equal to 55% of the average monthly income on which VSI premiums were based.

This provision is based on Article 74 of the 2014 Law on Social Insurance, as guided by Article 3 of Decree 134/2015/ND-CP.

Regarding survivor benefit policies

- Funeral allowance is equal to 10 times the statutory pay rate of the month in which the person participating in voluntary social insurance dies.

- Lump-sum survivor benefit for those who were receiving a pension and then died is calculated based on the period over which they were receiving the pension. To be specific::- If death occurs within the first 02 months of receiving a pension, the benefit is equal to 48 months of the pension being received;- For subsequent months, for every additional month of receiving a pension, the survivor benefit decreases by 0.5 months of the pension.

- The lump-sum survivor benefit for those currently paying social insurance or preserving the payment period is calculated based on the number of years of social insurance contributions. To be specific::- Each year before 2014 is calculated as equal to 1.5 months of the average monthly income on which social insurance was based for the participation years;- Each year since 2014 is calculated as equal to 2 months of the average monthly income on which social insurance was based for the participation years.

This provision is based on Articles 80 and 81 of the 2014 Law on Social Insurance.

- Doan Trinh -

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