Ms. Nguyen Thi Kim (name has been changed, born in 1968, residing in Binh Thanh District, Ho Chi Minh City) said that in September 1992, she was recruited to work for a construction company in Ho Chi Minh City as an accountant and payroll officer.
As a state-owned enterprise, at that time the unit implemented and paid social insurance (SI) according to the State's salary scale and table.
By early 2016, according to the new provisions of the law, enterprises will switch to paying social insurance according to the regional minimum wage, the salary will be decided by the enterprise and will no longer pay social insurance according to the coefficient as in the previous salary scale of the State.
Before retiring, she paid social insurance at a salary decided by the company of nearly 12 million VND/month, with the title of Deputy Director of the company.
In September 2024, when she was old enough and had enough time to pay social insurance, she went to the social insurance agency to complete the procedures to retire and receive pension benefits according to regulations.
Holding the decision to retire and receive monthly pension in hand, Ms. Kim was happy because her monthly pension was more than 10 million VND.
Ms. Kim has paid social insurance for nearly 32 years and is entitled to a maximum pension of 75%.
She said that her monthly pension increased because the pension calculation method was applied to those who paid social insurance before 1995. From that time until the end of 2015, her pension was calculated on average for the last 5 years according to the attached pension calculation table. For the remaining time, her monthly pension was calculated on average for the entire period, which is the salary level participating in social insurance as decided by the enterprise.
She shared that with a monthly pension of more than 10 million VND, she has enough to cover her living expenses and will have less struggles and worries when she gets old.
Similarly, Mr. Nguyen Le Thai Binh (born in 1963, residing in District 10, Ho Chi Minh City) also just held the retirement decision in his hand in early November 2024 with a monthly pension income of nearly 10 million VND.
Mr. Binh said that he started working for a company in Ho Chi Minh City in 1979. In July 2024, due to poor health, he resigned. Recently, he decided to have a health check to retire early according to regulations.
With the assessment result of reduced working capacity, he is eligible for early retirement of 3 months, without any deduction of percentage and is entitled to a maximum pension of 75%. With nearly 7 years of remaining social insurance payment period, he is entitled to receive a one-time subsidy according to regulations.
He said that with a pension of nearly 10 million VND/month, he feels more secure when he retires.
It can be seen that the increase in pensions for the elderly and the change in pension calculation for each participation period have demonstrated the superiority of the policy. This is the expectation of millions of workers who have, are and will retire, especially those who participated and paid social insurance before 1995 according to the State's salary scale and payroll system.
High monthly pensions mean that life for the elderly and retirees is less difficult and difficult.
