Ms. Duong Thi Minh Chau - Head of the Department of Communication and Development of Social Insurance subjects of Hanoi City advised:
Pursuant to Clause 1, Article 66 of the Law on Social Insurance 2024, it is stipulated as follows:
For female workers: Receive 45% of the average salary after 15 years of contributions, then an additional 2% per year. Thus, after 24 years, it will be 63%.
For male workers: Receive 45% when they are 20 years old, then an additional 2% per year. That is, 24 years will receive 53%.
In case men have paid for 15 to under 20 years: Receive 40% for the first 15 years, an additional 1% per year.
In addition, according to Article 72 of the Social Insurance Law 2024, the average salary used as the basis for social insurance contributions to calculate pensions and one-time allowances is as follows:
The average salary is the basis for social insurance contributions to calculate pensions and one-time allowances
Employees subject to the salary regime prescribed by the State who have paid social insurance for the entire period under this salary regime will have their average salary calculated as the basis for social insurance payment for the number of years of social insurance payment before retirement as follows:
a) Starting to participate in social insurance before January 1, 1995, the average salary will be calculated as the basis for social insurance contributions for the last 05 years before retirement;
b) Starting to participate in social insurance from January 1, 1995 to December 31, 2000, the average salary used as the basis for social insurance contributions of the last 06 years before retirement will be calculated;
c) Starting to participate in social insurance from January 1, 2001 to December 31, 2006, the average salary used as the basis for social insurance contributions of the last 08 years before retirement will be calculated;
d) Starting to participate in social insurance from January 1, 2007 to December 31, 2015, the average salary used as the basis for social insurance contributions of the last 10 years before retirement will be calculated;
dd) Starting to participate in social insurance from January 1, 2016 to December 31, 2019, the average salary will be calculated as the basis for social insurance contributions for the last 15 years before retirement;
e) Starting to participate in social insurance from January 1, 2020 to December 31, 2024, the average salary will be calculated as the basis for social insurance payment for the last 20 years before retirement;
g) Starting to participate in social insurance from January 1, 2025 onwards, the average salary will be calculated as the basis for social insurance payment for the entire period of social insurance payment.
Employees whose entire period of social insurance payment is according to the salary regime decided by the employer will have their average salary calculated as the basis for social insurance payment for the entire period.
Employees who have both a period of social insurance payment subject to the salary regime prescribed by the State and a period of social insurance payment subject to the salary regime decided by the employer will have their average salary calculated as the basis for paying the general social insurance for the periods, in which the period of payment under the salary regime prescribed by the State will be calculated as the average salary used as the basis for paying social insurance according to the provisions of Clause 1 of this Article.
The Government shall specify in detail this Article and the average salary as the basis for social insurance contributions for employees implementing the salary regime prescribed by the State in some special cases.
Thus, the monthly pension for employees participating in compulsory social insurance for 24 years is calculated as follows:
Monthly pension = Monthly pension rate x Average monthly salary for social insurance contributions.
- For female workers who retire in 2025, if they have paid for social insurance for 24 years, they will receive a pension at the rate of 63% of their monthly salary for social insurance contributions.
- For male workers, if they have paid for 24 years of social insurance, they will receive a pension at the rate of 53% of their monthly salary for social insurance contributions.
