Article 66 of the 2024 Law on Social Insurance stipulates:
The monthly pension level of eligible subjects specified in Article 64 of this Law is calculated as follows:
For female workers, it is equal to 45% of the average salary as the basis for social insurance contributions specified in Article 72 of this Law, 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 salary used as the basis for social insurance contributions specified in Article 72 of this Law, 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 salary as the basis for social insurance contributions specified in Article 72 of this Law, corresponding to 15 years of social insurance contributions, then for each additional year of contribution, 1% is added.
Thus, the pension level when employees reach retirement age and participate in social insurance for 15 years is:
Female workers: The monthly pension level is equal to 45% of the average salary used as the basis for social insurance contributions. Each subsequent year, they receive an additional 2% until reaching a maximum level of 75%.
Male workers: The monthly pension level is equal to 40% of the average salary used as the basis for social insurance contributions. Each subsequent year, they receive an additional 1%. From the 20th year onwards, the pension benefit rate is 45%, with an additional 2% per year until reaching a maximum of 75%.
The monthly pension level for subjects who are workers in certain occupations and jobs with special characteristics in the people's armed forces is regulated by the Government. Funding is implemented from the state budget.
