Ms. Duong Thi Minh Chau - Head of the Department of Propaganda and Support for Social Insurance participants (SI) Region I (Hanoi) - advised:
According to the Social Insurance Law 2024, from July 1, 2025, employees participating in compulsory social insurance and voluntary social insurance will have the right to choose the appropriate form of pension.
Forms of pension receipt:
Accordingly, for compulsory social insurance participants, there will be 3 forms of pension and social insurance regime including:
+ Through the beneficiary's account opened at a commercial bank, a foreign bank branch established and operating in Vietnam;
+ Directly from the social insurance agency or a service organization authorized by the social insurance agency;
+ Through the employer.
For voluntary social insurance participants, there are 2 forms of pension and social insurance regime:
+ Through the beneficiary's account opened at a commercial bank, a foreign bank branch is established and operates in Vietnam.
+ Directly from the social insurance agency or a service organization authorized by the social insurance agency.
In particular, for people aged 80 and over who need to be paid pensions and allowances by agencies or service organizations authorized by the competent authority at their place of residence in Vietnam.
In addition, the Social Insurance Law 2024 also stipulates changes in the form of receiving and receiving pensions and monthly social insurance benefits.
Specifically, people who are receiving monthly pensions and social insurance benefits and wish to change the receipt form or change the receiving place due to a change of residence in the country must send a document to the social insurance agency where they are paying.
Thus, from July 1, 2025, people receiving monthly pensions or social insurance benefits can request to change the form or place of receipt when changing their domestic residence by sending a document to the social insurance agency where they are paying.
