For many middle-aged workers who participate in social insurance late, this is an opportunity for them to access the social security system.
Ms. Pham Thi Toan (49 years old) said that she started to enter the company's working environment at the age of 42 and has been there for 8 years now. According to the female worker, in addition to a stable income, pension is the top concern she has when deciding to join a company.
Previously, I admired and wished for pensioners when they got old, manual laborers like us. Therefore, as soon as the company returned to my hometown to recruit workers, I applied to work, said Ms. Toan.
Ms. Toan said that before joining the company, her job was unstable, her income was quite low, and she mainly relied on rice fields. With a pension, she will feel secure when she is old without worrying much about her children.
According to the female worker, reducing the regulation to 15 years of social insurance contributions to receive pensions is the desire of many workers, especially manual laborers and middle-aged female workers.
Many workers want to pay social insurance early, but 10 years ago, there were very few companies, mainly garment companies. They only accept agile young people, over 40 years old like us have almost no chance" - Ms. Toan shared.
According to Ms. Toan, female workers' health often declines faster than male workers'. In addition, very few people who work until the age of 55 almost all ask for early retirement because they cannot meet the increasingly demanding and stressful workload.
With the new policy, Ms. Toan calculated that she has paid social insurance for 14 years after reaching the age of 55. For the remaining year, she will try to work or pay voluntary social insurance if she quits her job to wait until retirement age with peace of mind.
Mr. Nguyen Van Chinh (48 years old) is very supportive of the regulation that only having to pay insurance for 15 years will receive a pension. According to the male worker, the policy will realize the dream of having pensions for many workers who participate in social insurance late.
"At the company since I was 45 years old, I only need to work until I am 60 to be able to receive a pension. Although this amount is not too high, it is better than not having it" - Mr. Chinh said.
Previously, Mr. Chinh often thought about withdrawing social insurance at one time. However, with the new regulation, he told himself to work for at least 15 years. The male worker also affirmed that he will not withdraw social insurance at one time but will continue to receive a pension.
Explaining more specifically, Mr. Chinh said that 20 years is a fairly large number for workers who are late for social insurance in many aspects.
According to the male worker, not many direct production workers can do it until the age of 55, it is very difficult to do it until retirement age. Therefore, as long as they have paid the full number of years of social insurance, even if they are no longer working, employees can reserve or continue to pay voluntary social insurance until retirement age to receive pension.
The Social Insurance Law 2024, effective from July 1, 2025, stipulates that employees who have paid social insurance for 15 years will receive a monthly pension. This regulation on the minimum number of years of contribution does not apply to pensioners who are less likely to work.
Due to the reduction of the social insurance payment period to 15 years, the Law also stipulates how to calculate the new pension level.
For female workers, the monthly pension is equal to 45% of the average salary used as the basis for social insurance contributions corresponding to 15 years of social insurance contributions, then for each additional year of contributions, an additional 2% is calculated, with a maximum of 75%.
For male workers, the monthly pension is equal to 45% of the average salary used as the basis for social insurance contributions corresponding to 20 years of social insurance contributions, then for each additional year of contributions, an additional 2% is calculated, with a maximum of 75%.
