The monthly pension level in Article 56 of the Law on Social Insurance is stipulated as follows:
1. The monthly pension of an employee is calculated by multiplying the monthly pension rate by the average monthly salary for social insurance contributions.
Accordingly, the December 2024 pension of employees will be calculated as follows:
Pension level for December 2024 = Monthly pension rate x Average monthly salary for social insurance contribution.
In which: The monthly pension rate of employees eligible for pension is calculated:
- For employees retiring from January 1, 2016 to before January 1, 2018, the monthly pension rate is calculated at 45% corresponding to 15 years of social insurance contributions, then for each additional year of social insurance contributions, an additional 2% is calculated for men and 3% for women; the maximum level is 75%;
- For female workers retiring from January 1, 2018 onwards, the monthly pension rate is calculated at 45% corresponding to 15 years of social insurance contributions, then for each additional year of social insurance contributions, an additional 2% is calculated; the maximum rate is 75%;
- For male employees retiring from January 1, 2018 onwards, the monthly pension rate is calculated at 45% corresponding to the number of years of social insurance contribution according to the table below, then for each additional year of social insurance contribution, an additional 2% is calculated; the maximum level is 75%.
Thus, depending on the pension level of each retiree, the pension received in the pension payment period of December 2024 will not be the same.
