According to the Law on Social Insurance 2024, from July 1, in addition to enjoying retirement benefits under the pension regime, social insurance participants will also enjoy a number of other regimes.
Specifically, with pension adjustments, the pension level is not a fixed level at the time of retirement but will be periodically adjusted by the Government to ensure value.
For male workers with more than 35 years of social insurance participation and female workers with more than 30 years of social insurance contributions, in addition to monthly pension (maximum benefit of 75%), they will also receive a one-time subsidy upon retirement.
According to the Law on Social Insurance 2024, the lump -sum allowance when retirement is divided into two cases. If the employee is eligible for pension and the completion of the retirement procedure will receive a lump -sum allowance. This allowance level is equal to 0.5 times the average salary as a basis for paying social insurance for each year. This calculation remains the same compared to the 2014 Social Insurance Law.
In the case of employees who are eligible for pension but continue to participate in social insurance after retirement age, they will receive a one-time allowance at a higher level. For each additional year, they will receive twice the average salary as the basis for social insurance contributions, 4 times higher than the Social Insurance Law 2014.
In addition, pensioners are also issued free health insurance cards from the time of pension until death with high benefits. The health insurance benefit level for pensioners is 95%.
In addition, in addition to the above regimes, relatives of pensioners are entitled to death benefits if during the monthly pension period, the pensioner unfortunately dies. The death benefit includes a funeral allowance equal to 10 times the basic salary for the month in which the pensioner dies and a monthly death allowance or a one-time death allowance.
To improve pension levels to ensure social security when aging, workers can choose to participate in supplementary pension insurance. This policy is stipulated in the Law on Social Insurance 2024, a type of voluntary insurance according to market principles to supplement the pension regime in compulsory social insurance.
