The pension benefit rate is calculated based on the time of social insurance participation, with the minimum and maximum levels clearly defined. No matter which calculation method is applied, the monthly benefit level of employees does not exceed 75% of the average monthly salary for social insurance contributions.
Employees who have participated in social insurance for 15 years are entitled to a minimum level, of which female workers reach 45%, and male workers are 40%. To reach the maximum threshold of 75%, female workers need to contribute for 30 years, while male workers must have 35 years of social insurance contributions.
According to the 2024 Law on Social Insurance, with the same contribution period of 20 years, the pension benefit rate between men and women continues to vary. Female workers are calculated 45% for the first 15 years, then each year adds 2%, equivalent to 55% if they contribute enough 20 years. Meanwhile, male workers must have enough 20 years to reach the 45% level and are only added 2% for each subsequent year of contribution.
Thus, if retiring in 2025, female workers who contribute for 30 years will reach a maximum benefit level of 75%, while male workers with the same contribution period will only reach about 65%.
Regarding the retirement age, from 2026, male workers will retire at 61 years and 6 months old, gradually increasing to 62 years old from 2028. Female workers will retire at 57 years old from 2026, gradually increasing according to the roadmap and reaching 60 years old from 2035.
According to Vietnam Social Security, there are currently about 3.4 million people nationwide receiving pensions and monthly allowances. Of which, more than 11,500 people have a benefit level of 20 million VND/month or more; nearly 418,500 people receive from 10 to under 20 million VND; about 1.06 million people receive from 6 to under 10 million VND; 1.35 million people receive from 3 to under 6 million VND. In addition, nearly 145,000 people receive from 2.34 to under 3 million VND and about 419,000 people receive under 2.34 million VND/month.
