Article 99 of the 2024 Law on Social Insurance stipulates the monthly pension level for subjects participating in voluntary social insurance as follows:
- The monthly pension level of eligible subjects specified in Article 98 of the 2024 Law on Social Insurance is calculated as follows:
+ For female workers, equal to 45% of the average income level used as the basis for social insurance contributions specified in Article 104 of the 2024 Law on Social Insurance, corresponding to 15 years of social insurance contributions, then for each additional year of contribution, an additional 2% is calculated, the maximum level is 75%;
+ For male workers, it is equal to 45% of the average income level as the basis for social insurance contributions specified in Article 104 of the 2024 Law on Social Insurance, corresponding to 20 years of social insurance contributions, then for each additional year of contribution, an additional 2% is calculated, the maximum level is 75%.
In case male workers have a social insurance contribution period of 15 years to less than 20 years, the monthly pension level is equal to 40% of the average income level as a basis for social insurance contributions specified in Article 104 of the 2024 Law on Social Insurance, corresponding to 15 years of social insurance contributions, then for each additional year of contribution, an additional 1% is calculated.
- Pension adjustment is implemented according to the provisions of Article 67 of the 2024 Law on Social Insurance
- The calculation of the monthly pension level of employees who are eligible for pension but 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 contribution during this period is calculated at 2.25% of the average income level as a basis for social insurance contributions specified in Article 104 of the 2024 Law on Social Insurance.
According to the provisions of Article 98 of the 2024 Law on Social Insurance, voluntary social insurance participants are entitled to a pension when they reach retirement age as prescribed in Clause 2, Article 169 of the Labor Code and have a social insurance contribution period of 15 years or more.
