Employees who have participated in compulsory social insurance for 24 years will receive a monthly pension according to the Social Insurance Law 2024.
Pursuant to Clause 1, Article 66 of the Law on Social Insurance 2024 as follows:
For female workers: Receive 45% of the average salary after 15 years of contributions, then an additional 2% per year. Thus, after 24 years, it will be 63%.
For male workers: Receive 45% when they are 20 years old, then an additional 2% per year. That is, 24 years will receive 53%.
In case men have paid for 15 to under 20 years: Receive 40% for the first 15 years, an additional 1% per year.
In addition, according to Article 72 of the Social Insurance Law 2024, the average salary used as the basis for social insurance contributions to calculate pensions and one-time allowances is as follows:
The average salary to calculate pensions is determined according to the number of years of final contributions or the entire period of social insurance contributions, depending on the time of participation.
Before 1995: The last 5 years
1995 - 2000: The last 6 years
2001 - 2006: The last 8 years
2007 - 2015: The last 10 years
2016 - 2019: The last 15 years
2020 - 2024: The last 20 years
From 2025 onwards: the entire closing period.
Thus, the monthly pension for employees participating in compulsory social insurance for 24 years is calculated as follows:
Monthly pension = Monthly pension rate x Average monthly salary for social insurance contributions.
- For female workers who retire in 2025, if they have paid for social insurance for 24 years, they will receive a pension at the rate of 63% of their monthly salary for social insurance contributions.
- For male workers, if they have paid for 24 years of social insurance, they will receive a pension at the rate of 53% of their monthly salary for social insurance contributions.
