According to the provisions of Article 23 of the 2024 Law on Social Insurance, Vietnamese citizens will be entitled to monthly allowances if they fully meet the conditions such as: reaching retirement age according to the provisions of law, participating in social insurance but the contribution period is not sufficient to receive a pension (under 15 years of social insurance contributions), not reaching the age to receive social pension allowances and having a need to receive monthly allowances from the social insurance contributions already paid.
In addition, employees who want to enjoy this regime must not receive one-time social insurance and also not preserve the time they have paid social insurance. This is considered a support solution for those who have a short period of social insurance participation, are not eligible to receive pensions but still need stable financial resources when they are old.
One of the notable points of the policy is that employees will receive monthly allowances based on the time and level of previous social insurance contributions. The current minimum allowance level is equivalent to the social pension allowance level, about 500,000 VND/month. Throughout the allowance period, people are also supported by the State budget to pay health insurance to ensure their medical examination and treatment rights.
Not only that, this allowance level can also be adjusted to increase when the Government implements pension adjustments in the future. In case the total amount of social insurance contributions is not enough to receive the allowance until the age of receiving social pension, employees can also choose to pay an additional one-time payment for the remaining part to continue to receive the allowance.
The new policy not only ensures the rights of employees but also supports relatives in case the beneficiary of the allowance dies. At that time, the family will receive a one-time allowance for the unpaid allowance portion. In addition, relatives can also receive funeral allowance if the employee meets the conditions according to the provisions of law.
Regarding the procedure for registering to enjoy the regime, the dossier is relatively simple, including a social insurance book and a request for monthly allowance according to the form of the social insurance agency. Employees can submit it directly to the social insurance agency at their place of residence. Within 5 working days from the date of receipt of a valid dossier, the social insurance agency is responsible for resolving and implementing payment. If the dossier does not meet the conditions, the social insurance agency must respond in writing and clearly state the reason.
The addition of monthly allowances in the 2024 Social Insurance Law is expected to help narrow the social security gap, especially for workers with short social insurance participation periods or unstable jobs. This is also a step showing the State's concern for people's lives when entering old age, helping them have more financial and medical support in their post-retirement lives.
