Military personnel receive salaries at a rate of 50 and 55% of the average salary for social insurance contributions

The Government has just issued Decree No. 157 regulating the implementation of a number of articles of the Law on Social Insurance, related to compulsory social insurance for soldiers, People's Public Security, standing militia and people working in secret services who receive salaries like soldiers.

In particular, the Government clearly states how to calculate the monthly pension for employees with 10 years or more in a profession, doing special work according to regulations, and retiring without reaching the maximum pension level of 75%.

Specifically, corresponding to the first 15 years of social insurance contributions, male and female employees are entitled to a rate of 50% and 55% of the average salary used as the basis for social insurance contributions, respectively, instead of only 45% as prescribed in the old regulations.

After that, for each additional year of social insurance payment, employees will be paid an additional 3% (the old regulation was 2-3%), the maximum benefit is not more than 75%. If there are odd months, employees will be charged an additional 1.5% (equivalent to 1-6 months) or 3% (7-11 months).

However, if pension is calculated according to the above regulations, employees will not receive a one-time subsidy upon retirement.

Every year, Vietnam Social Security, based on the pension benefits of employees in a number of specific occupations and jobs in the armed forces, compiles the pension difference increase compared to the regulations, and sends it to the Ministry of Finance for the State budget to ensure.

Read the original here