According to the Law on Social Insurance (BHXH) 2024, employees only need to have 15 years of social insurance contribution instead of 20 years as before to receive a pension. This is considered an important reform step to expand the opportunity to access pensions for millions of workers, especially those who participate in social insurance late or have a non-continuous contribution process.
According to Vietnam Social Security, the reduction in minimum contribution time is built on the principle of harmony between the goal of ensuring social security and the principle of contribution - benefit. Thanks to that, many workers will have the opportunity to stay in the social insurance system and accumulate retirement benefits instead of having to receive one-time social insurance benefits.
Not only receiving monthly pensions, retirees are also granted free health insurance cards throughout their retirement period. This is a particularly important right when old age often comes with greater health care needs.
In addition, pensioners are also guaranteed death benefits according to regulations, including funeral allowances and death benefits for relatives when the beneficiary dies. These policies contribute to reducing the financial burden on families in the face of life risks.
Another notable advantage is that pensions are not a fixed income. The State will consider periodic adjustments based on consumer price indexes and economic growth rates, helping to maintain the real value of pensions before the impact of inflation, while ensuring the lives of the elderly.
Vietnam Social Security assesses that the new regulation is particularly meaningful for middle-aged workers, freelancers or those who have difficulty maintaining social insurance contributions for a long time. Reducing the conditions on the number of years of contribution helps them still have the opportunity to enjoy pensions and long-term social security benefits.
However, the social insurance agency also emphasized that the principle of contribution - benefit is still maintained. The longer employees participate in social insurance, the higher the pension received. Therefore, if possible, employees should continue to maintain their participation time to optimize their benefits in old age.
Statistics from Vietnam Social Security show that by the end of May 2026, the whole country had about 21.99 million people participating in social insurance, of which 19.41 million people participated in compulsory social insurance and 2.58 million people participated in voluntary social insurance. The number of unemployment insurance participants reached 17.37 million people.
