A reader asked: When the Social Insurance Law (SI) 2024 took effect, my mother was 62 years old ( old enough to retire) and had never participated inSI. So can my mother participate in voluntary social insurance and pay it once for 15-20 years to receive a pension? If the contribution rate is higher than 22%, how to calculate it?
Vietnam Social Insurance answers:
According to Social Insurance Law No. 41, passed by the National Assembly on June 29, 2024 and effective from July 1, 2025, voluntary social insurance participants who have paid for 15 years are eligible for pension.
Specifically, Clause 2, Article 36 of the Social Insurance Law No. 41 stipulates: Voluntary social insurance participants can choose to pay one time for many years in the future or one time for the remaining period to be eligible for pension.
However, up to now, the Government has not issued a detailed guidance document, so there is no basis to implement the one-time payment for 15-20 years.
Regarding the contribution rate, Clause 2, Article 36 of the Social Insurance Law No. 41 clearly states that the voluntary social insurance contribution rate is 22% of the monthly income level chosen by the participants. Income as a basis for payment can be selected from:
Lowest: equal to the poverty line of rural areas.
Highest: equal to 20 times the reference level at the time of filming.
Thus, participants cannot pay at a rate higher than 22%, but can only choose the income level as the basis for payment within the permitted framework.
