# From 2022 onwards, how much pension will you receive when you retire when you pay full 25 years of social insurance?

Article 54 of the 2014 Social Security Law as amended by Letter a, Paragraph 1, Article 219 of the 2019 Manpower Act stipulates that employees who have reached full age and have paid social security contributions for a full 20 years or more are entitled to a pension.

Accordingly, under Article 56 of the 2014 Social Insurance Law, starting January 1, 2018, the monthly pension of eligible employees is calculated at 45% of the average monthly income on which social insurance premiums are based. the number of years paying for social insurance is as follows:

a) Male employees will retire for 16 years in 2018; 17 years in 2019; 18 years in 2020; 19 years in 2021; 20 years from 2022 onwards;

b) Female employees who retire from 2018 onwards are 15 years old.

Thereafter, for each additional year, the employees mentioned in Points a and b of this Clause will be charged an additional 2%; the maximum rate is 75% of the monthly salary on which the social insurance premium is based.

Thus, male employees who qualify for retirement in 2022 and pay full 25 years of social insurance will enjoy a pension of 55% of the monthly salary paid by social insurance.

The pension of female employees who are entitled to retire in 2023 is calculated as follows:

– After paying in full 15 years of social insurance, they will receive 45% of the monthly salary on which the social insurance premium is based.

– After that, for each additional year of social insurance payments, an additional 2% will be calculated.

Therefore, female employees who qualify for retirement in 2022 and pay full 25 years of social insurance will receive a pension of 65% of the monthly salary on which the social insurance premium is based.

From 2022 onwards, who retires will enjoy maximum retirement?

From 2022 onwards, the minimum number of years of paying social insurance premiums to enjoy retirement will not change. Female employees must pay for at least 15 years and male employees must pay for at least 20 years.

How to calculate the number of years of social insurance payments for a pension with a maximum salary:

Number of years paying social insurance contributions to receive maximum salary = (Number of years paying social insurance contributions to receiving 45% of salary, based on retirement years) + 15

Thus, male employees who have been fully paid for social insurance for 35 years and are eligible for retirement in 2022 will receive a pension of 75% of the monthly salary on which the social insurance premium is based, this is the maximum rate. Meanwhile, female employees who have paid in full for 30 years of social insurance and are entitled to a pension starting in 2022, will receive a maximum pension.

In the event that a worker participates in mandatory social security, but retires before his age due to a decrease in working capacity, the retirement enjoyment rate will be deducted. In principle, the pension benefit rate is calculated as above with a maximum rate of 75%; then, for each retirement year before the specified age, the deduction is 2%. Therefore, cases where the pension rate is cut will not be entitled to the maximum pension.

According to Nha Mi

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