The Legal Consulting Office of Lao Dong Newspaper said: Currently, the one-time allowance level is 0.5 times the average salary level used as the basis for paying social insurance (SI) for each year of contribution higher than the retirement age according to the provisions of law.
The regulations on the level of one-time allowance when retiring in Article 68 of the 2024 Law on Social Insurance are as follows:
1. Male workers with social insurance contributions of more than 35 years, female workers with social insurance contributions of more than 30 years, when retiring, in addition to pensions, are also entitled to a one-time allowance.
2. The level of one-time allowance for each year of contribution higher than specified in Clause 1 of this Article is equal to 0.5 times of the average salary as the basis for social insurance contributions specified in Article 72 of this Law for each year of contribution higher than reaching retirement age according to the provisions of law.
In case employees have met the conditions for enjoying pensions according to the provisions of Articles 64 and 65 of this Law and continue to pay social insurance, the allowance level is 02 times the average salary level used as the basis for social insurance contributions specified in Article 72 of this Law for each year of contribution higher than the number of years specified in Clause 1 of this Article from the time of reaching retirement age according to the provisions of law to the time of retirement.
It can be seen that for the number of years of social insurance contribution exceeding the milestone of 35 years for men or 30 years for women, each year of contribution exceeding the milestone will have a one-time allowance when retiring equal to 0.5 times the average salary level used as the basis for social insurance contributions for each year of contribution higher than the retirement age.
As for cases where employees have met the conditions for enjoying pensions according to the provisions of Article 64 and Article 65 of the 2024 Law on Social Insurance and continue to pay social insurance, the allowance level is equal to 2 times the average salary level used as the basis for social insurance contributions for each year of contribution exceeding the above-mentioned number of years from the time of reaching retirement age according to the provisions of law to the time of retirement.
Reader with social insurance contribution period: 40 years, male, maximum level 35 years.
Number of years exceeding: 40 - 35 = 5 years.
Cases of retirement at the right age (not paid after retirement age).
Allowance = 5 x 0.5 x average salary = 2.5 months of average salary.
The average salary for social insurance contributions is: 8 million VND/month.
The allowance will be: 2.5 × 8,000. 000 = 20,000. 000 VND.
If you have reached retirement age but continue to pay social insurance, then the additional contribution period after retirement age:
2 × the average salary. Then the allowance will be much higher.
