Mr. Doan Duy Thanh (Hanoi) asked: When workers reach retirement age, in addition to receiving a monthly pension, they will also receive a one-time subsidy upon retirement. So what are the conditions and benefits?
Ms. Nguyen Ngoc Linh - Lawyer of Quoc Thai Law Office, Hanoi Bar Association - advised as follows:
One-time retirement allowance is implemented according to the provisions of Article 68 of the Social Insurance Law 2024. Accordingly, in cases where employees who are eligible for pension according to regulations and continue to pay social insurance, the one-time pension benefit upon retirement for the period of social insurance payment higher than 35 years for men and higher than 30 years for women is calculated as follows:
- Each year of social insurance contributions is 35 years higher for men and 30 years higher for women before reaching the prescribed retirement age, calculated at 0.5 times the average salary used as the basis for social insurance contributions.
- In case the employee is eligible for pension according to regulations but continues to pay social insurance, the subsidy level is equal to 2 times the average salary used as the basis for social insurance payment for each year of social insurance payment higher than 35 years for men and higher than 30 years for women from the time of retirement age according to regulations.
