Ms. Nguyen Ngoc Linh - Lawyer of Quoc Thai Law Office, Hanoi Bar Association - advised as follows:
According to Article 66 of the Social Insurance Law 2024, the monthly pension rate for employees eligible for pension according to regulations is calculated as follows:
- For female workers, the monthly pension is calculated at 45% of the average salary used as the basis for social insurance contributions corresponding to 15 years of social insurance contributions, then for each year of contributions, an additional 2% is calculated, with a maximum of 75% (equivalent to 30 years of social insurance contributions).
- For male workers, the monthly pension is calculated at 45% of the average salary used as the basis for social insurance contributions corresponding to 20 years of social insurance contributions, then for each year of contributions, an additional 2% is calculated, with a maximum of 75% (equivalent to 35 years of social insurance contributions).
In case male workers have paid social insurance for 15 years to less than 20 years, the monthly pension is equal to 40% of the average salary used as the basis for social insurance contributions (stipulated in Article 72 of this Law) corresponding to 15 years of social insurance contributions, then for each additional year of contributions, an additional 1% is calculated - this is the difference compared to the Social Insurance Law 2014.
- In case the employee retires early due to reduced working capacity, the pension rate will also be deducted, for each year of early retirement, the pension will be reduced by 2%.
- In case when retiring to receive a pension, the employee has paid social insurance for more than the number of years corresponding to the pension rate of 75%, after retirement, in addition to pension, he/she will also receive a one-time allowance.
