Office of Lawyer Quoc Thai (Hanoi) advises:
Law on Social Insurance No. 41/2024/QH15 was passed by the 15th National Assembly of the Socialist Republic of Vietnam at its 7th session on June 29, 2024. The Law takes effect from July 1, 2025.
Article 98 of the Law stipulates: Voluntary social insurance participants are entitled to pension when they reach retirement age as prescribed in Clause 2, Article 169 of the Labor Code and have paid social insurance for 15 years or more.
The monthly pension level of eligible subjects specified in Article 98 of this Law is calculated as follows:
a) For female employees, it is 45% of the average income used as the basis for social insurance contributions as prescribed in Article 104 of this Law, corresponding to 15 years of social insurance contributions, then for each additional year of contributions, an additional 2% is calculated, with a maximum of 75%;
b) For male employees, it is 45% of the average income used as the basis for social insurance contributions as prescribed in Article 104 of this Law, corresponding to 20 years of social insurance contributions, then for each additional year of contributions, an additional 2% is calculated, with a maximum of 75%.
In case male employees have paid social insurance for 15 years but less than 20 years, the monthly pension is equal to 40% of the average income used as the basis for paying social insurance as prescribed in Article 104 of this Law corresponding to 15 years of paying social insurance, then for each additional year of paying, 1% is added.
2. Pension adjustment is carried out in accordance with the provisions of Article 67 of this Law.
3. The calculation of monthly pension for employees who are eligible for pension and have paid social insurance according to the provisions of international treaties to which the Socialist Republic of Vietnam is a member but have paid social insurance in Vietnam for less than 15 years, each year of payment during this period shall be calculated at 2.25% of the average income used as the basis for paying social insurance as prescribed in Article 104 of this Law.
