YouMe Law Company Limited said: Based on the provisions of Clause 1, Article 66 of the 2024 Law on Social Insurance:
The monthly pension level of eligible subjects specified in Article 64 of this Law is calculated:
For female workers, it is equal to 45% of the average salary used as the basis for social insurance contributions specified in Article 72 of this Law, corresponding to 15 years of social insurance contributions, then for each additional year of contribution, an additional 2% is calculated, the maximum level is 75%;
For male workers, it is equal to 45% of the average salary used as the basis for social insurance contributions specified in Article 72 of this Law, corresponding to 20 years of social insurance contributions, then for each additional year of contribution, an additional 2% is calculated, the maximum level is 75%.
In case male workers have a social insurance contribution period of 15 years to less than 20 years, the monthly pension level is equal to 40% of the average salary used as the basis for social insurance contributions specified in Article 72 of this Law, corresponding to 15 years of social insurance contributions, then for each additional year of contribution, 1% is added.
2. The monthly pension level for subjects who are workers in certain occupations and jobs with special characteristics in the people's armed forces is regulated by the Government. Funding is from the State budget.
3. The monthly pension level of eligible subjects specified in Article 65 of this Law is calculated as specified in Clause 1 of this Article, then for each year of early retirement, it is reduced by 2%.
In case the pre-retirement period is less than 6 months, the percentage of pension benefits is not reduced, from 6 months to less than 12 months, it is reduced by 1%.
Accordingly, the monthly pension level is determined as follows:
For female workers working in normal conditions:
The pension benefit rate that female workers receive when participating in compulsory social insurance is equal to 45% of the average salary used as the basis for social insurance contributions specified in Article 72 of the 2024 Law on Social Insurance, corresponding to 15 years of social insurance contributions, then for each additional year of contribution, an additional 2% is calculated, the maximum level is 75%.
The maximum pension benefit rate that female workers will receive when participating in compulsory social insurance is 75%.
In which, female workers who have paid compulsory social insurance for 15 years will receive a pension rate of 45%, then for each additional year of contribution, an additional 2% will be calculated.
Thus, to enjoy a maximum pension rate of 75%, female workers need to pay compulsory social insurance for 30 years.
