Mr. Nguyen Ngoc (Hanoi) will be 61 years old in December 2024 and has continuously paid social insurance for 15 years and 6 months. Currently, he does not want to withdraw his social insurance at once and wait until the amended Social Insurance Law takes effect on July 1, 2025 (reducing the minimum number of years of social insurance payment to 15 years to receive pension). Mr. Nguyen Ngoc is wondering whether his calculation is reasonable?
Vietnam Social Security advises:
According to the provisions of the Social Insurance Law No. 41/2024/QH15 effective from July 1, 2025, employees who have paid social insurance for 15 years or more are entitled to pension if they reach the retirement age as prescribed in Clause 2, Article 169 of the Labor Code.
According to the provisions of Clause 2, Article 169 of the 2019 Labor Code and Decree No. 135/2020/ND-CP dated November 18, 2020 of the Government, the retirement age of employees in normal working conditions is adjusted according to the following roadmap: From 2021, the retirement age is 55 years and 4 months for female employees, 60 years and 3 months for male employees; then, each year it increases by 4 months for female employees until reaching 60 years old in 2035, each year it increases by 3 months for male employees until reaching 62 years old in 2028.
Clause 2, Article 69 of the Social Insurance Law No. 41/2024/QH15 stipulates that the time to receive pension for those who are reserving their social insurance payment period is the time when they are eligible to receive pension according to regulations and is stated in the employee's request.
Comparing the above provisions, from the time the Social Insurance Law No. 41/2024/QH15 takes effect, if the employee meets the age requirement and has paid social insurance for 15 years or more, the employee is eligible to receive a pension.
When enjoying retirement benefits, employees receive a monthly pension for life, are given a free health insurance card and enjoy related benefits of pensioners.
