Mr. Quang Anh is a professional military lieutenant colonel with 32 years of social insurance contributions. In September 2024, he received his retirement decision. Mr. Quang Anh wondered: "Suppose my monthly salary for social insurance contributions is 16.4 million VND, how will my pension be calculated?"
To this question, YouMe Law Firm LLC answers:
According to the provisions of Clause 2, Article 56 of the Law on Social Insurance, from January 1, 2018, the monthly pension of employees eligible for pension is calculated at 45% of the average monthly salary subject to social insurance payment corresponding to the number of years of social insurance payment:
For male workers retiring from 2022 onwards, it is 20 years; then each additional year is calculated by adding 2%; the maximum level is 75%.
The first 20 years of social insurance contributions will correspond to 45%. From the 21st to the 32nd year, there will be 12 years of social insurance contributions, corresponding to 24%. His pension percentage is: 45% + 24% = 69%.
Monthly pension level = pension rate x average monthly salary for social insurance contribution.
He is a professional military lieutenant colonel with 32 years of social insurance contributions, so his pension = 69% x 16,400,000 VND = 11,316,000 VND.
