Pension for early retirees: Vietnam Social Security clearly informs

Sending a question to Vietnam Social Insurance, reader N.N.C said: "I have been teaching at a part-time kindergarten since 1988, paying voluntary social insurance from September 1999 to 2002, paying compulsory social insurance from 2002 to present.

If I want to retire early, how to calculate my pension? ".

Responding to this issue, Vietnam Social Security responded as follows:

Conditions for pension

Clause 1, Article 64 of the Law on Social Insurance 2024 stipulates that employees participating in compulsory social insurance who have paid compulsory social insurance for 15 years or more upon retirement will receive a pension if they fall into one of the following cases:

"a) Meeting the retirement age as prescribed in Clause 2, Article 169 of the Labor Code;

b) Meeting the retirement age prescribed in Clause 3, Article 169 of the Labor Code and having a total period of compulsory social insurance payment of 15 years or more when working in a heavy, toxic, dangerous or especially heavy, toxic, dangerous job or job on the list of heavy, toxic, dangerous or especially heavy, toxic, dangerous jobs or jobs issued by the Minister of Labor - Invalids and Social Affairs or working in areas with particularly difficult socio-economic conditions, including working time in places with regional allowance coefficient of 0.7 or higher before January 1, 2021".

Subjects and conditions for receiving pensions when having reduced working capacity

Clause 1, Article 65 of the Law on Social Insurance 2024 stipulates that employees participating in compulsory social insurance (subjects specified in Points a, b, c, g, h, i, k, l, m and n, Clause 1 and Clause 2, Article 2 of the Law on Social Insurance 2024) who have paid compulsory social insurance for 20 years or more on leave will receive a pension at a lower level than those eligible for pension as prescribed in Points a, b, etc., Clause 1, Article 64 of this Law if they fall into one of the following cases:

"a) Have a maximum age of 05 years lower than the age specified in Point a, Clause 1, Article 64 of this Law and have a reduced working capacity of 61% to less than 81%;

b) Having a maximum age of 10 years lower than the age specified in Point a, Clause 1, Article 64 of this Law and having a reduced working capacity of 81% or more".

Monthly pension level

Clause 1, Clause 3, Article 66 of the Law on Social Insurance 2024 stipulates:

The monthly pension of eligible subjects specified in Article 64 of the Social Insurance Law 2024 is calculated as follows:

"a) The monthly pension of female employees eligible for pension under normal working conditions is calculated as follows: equal to 45% of the average salary used as the basis for social insurance contributions prescribed in Article 72 of this Law, corresponding to 15 years of social insurance contributions, then for each additional year of contributions, an additional 2% is calculated, with a maximum of 75%.

b) The monthly pension of male employees eligible for pension under normal working conditions is calculated as follows: equal to 45% of the average salary used as the basis for social insurance contributions prescribed in Article 72 of this Law, corresponding to 20 years of social insurance contributions, then for each additional year of contributions, an additional 2% is calculated, with a maximum of 75%.

In case male employees have paid social insurance for 15 years to less than 20 years, the monthly pension is equal to 40% of the average salary used as the basis for social insurance contributions prescribed in Article 72 of this Law, corresponding to 15 years of social insurance contributions, then for each additional year of contributions, an additional 1% will be calculated".

The monthly pension of eligible subjects specified in Article 65 of the Law on Social Insurance 2024 (mentioned above) is calculated as prescribed in Clause 1 of this Article, then for each year of early retirement, it will be reduced by 2%.

Because the content of Ms. C's question did not provide complete information, Vietnam Social Insurance had no basis to give a specific answer. However, Vietnam Social Insurance provides legal regulations on pension conditions and pension levels for Ms. C to grasp and compare, determine her own social insurance benefits or she can directly contact the nearest social insurance agency and provide full information for specific advice and answers.

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