Minimum 15 years of social insurance contribution will be eligible for pension
The 2024 Social Insurance Law increases the opportunity for individuals participating in social insurance to receive a pension through the reduction of the minimum number of years of social insurance contribution required to receive a pension from 20 years to 15 years.
Encourage workers to save time for contribution to receive pension instead of receiving social insurance once
The 2024 Social Insurance Law supplements the regulations to increase the benefits, increase the attractiveness, and encourage workers to save time for contribution to receive a pension instead of receiving social insurance once.
The 2024 Social Insurance Law has undergone many amendments and supplements in the direction of increasing benefits, increasing attractiveness, and encouraging workers to save time for contribution to receive a pension instead of receiving social insurance once. Workers who have terminated their participation in social insurance and have made a request will receive social insurance once if they belong to one of the cases specified in the regulations.
Workers who do not receive social insurance once but save time for contribution to continue participating will have the opportunity to enjoy higher benefits such as: (i) When continuing to participate, they will enjoy higher benefits; (ii) They will receive a pension with easier conditions; (iii) During the period of receiving a pension, the Social Insurance Fund will pay health insurance; (iv) They will receive a monthly allowance when they do not meet the conditions for receiving a pension and have not yet reached the age for receiving social welfare pension; (v) During the period of receiving a monthly allowance, the state budget will pay health insurance.
Grounds for adjusting pension
For compulsory social insurance, Article 67 of the 2024 Social Insurance Law stipulates:
Pension adjustment
1. The pension will be adjusted based on the increase in the consumer price index suitable for the ability of the state budget and the social insurance fund.
2. Adjust the increase in pension fairly for individuals with low pension and retired before 1995 to ensure the narrowing of the gap in pension between individuals retired in different periods.
3. The Government will specify the time, object, and level of pension adjustment as stipulated in this Article.
