Pursuant to Article 56 of the Law on Social Insurance 2014, teachers' pensions are calculated according to the following formula:
Monthly pension = Benefit rate x Average monthly salary for social insurance contribution.
In which, the pension rate is determined as follows:
For example: Teacher A has paid compulsory social insurance for 25 years. When teacher A retires, the pension rate teacher A will receive is as follows:
- 20 years of social insurance payment: Enjoy 45%.
- 5 years of remaining social insurance payment: Enjoy 05 x 2% = 10%.
Total pension rate of teacher A = 45% + 10% = 55%.
Assuming the average monthly salary for social insurance of teacher A = 9 million VND/month, then the pension level of teacher A = 55% x 9 million VND = 4.95 million VND/month.
Preschool teachers who retire 5 years early will not have their pension deducted
According to the program of the 8th Session of the 15th National Assembly, on November 9, the draft Law on Teachers was submitted to the National Assembly for first comments.
Chairman of the National Assembly's Committee on Culture and Education Nguyen Dac Vinh presented a report on the review of the Law on Teachers at the National Assembly.
Regarding the retirement regime for teachers, the Committee agreed to stipulate that teachers in preschools can retire at a lower age (no more than 5 years) than the provisions of the Labor Code and will not have their pension rate deducted due to early retirement. However, there were opinions suggesting that it is necessary to carefully assess the impact on resources to ensure the implementation of this policy.
According to the draft Law on Teachers, teachers in preschools can retire at a lower age but not more than 5 years older than the regulation and will not have their pension rate deducted due to early retirement.
Teachers with the title of professor, associate professor or doctoral degree and teachers working in specific specialized fields and sectors are entitled to retirement benefits at an older age.
The retirement regime at an older age is implemented when the educational institution has a need, the teacher is healthy enough, and volunteers. When implementing the retirement regime at an older age, the teacher does not hold a leadership or management position and is not allowed to retain the leadership position allowance. The working time when retiring at an older age is not more than 5 years for teachers with a doctoral degree, not more than 7 years for teachers with the title of associate professor, not more than 10 years for teachers with the title of professor.
The retirement policy is specifically designed to meet the characteristics of professional activities, while promoting the intelligence and experience of teachers.
