According to information from the Vietnam General Confederation of Labor, the Ministry of Labor, Invalids, and Social Affairs (MOLISA) has just requested opinions from relevant ministries, sectors, and agencies on the draft proposal to the Government of Vietnam regarding the issuance of a Resolution adjusting pensions for female workers.
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The Ministry of Labour, Invalids, and Social Affairs (MOLISA) proposes adjustments to pensions for female workers who retired from January 1, 2018, to December 31, 2021, and whose pensions were reduced due to the application of the new pension calculation formula as prescribed in Clause 2, Article 56 of the Law on Social Insurance 2014.
The reason for this proposal stems from many inadequacies in the current regulations regarding the monthly pension benefits for female workers who retired from January 1, 2018.
To be specific, for male workers, the pension calculation formula changes over five years. For female workers, however, it changed in 2018, leading to some female workers who retired in 2018 receiving a significantly lower pension compared to those who retired in 2017 with the same social insurance contribution period.
After the Government of Vietnam submits the draft and it receives approval from the Standing Committee of the National Assembly, the Ministry of Labour, Invalids, and Social Affairs (MOLISA) will be tasked with drafting and continuing to submit it to the National Assembly for consideration and enactment at the 5th session of the 14th National Assembly.
