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# How many years do you have to pay social insurance to enjoy your pension?

## How many years of minimum social insurance payment to enjoy pension?

Specifically, according to Article 74 of Law on Social Insurance 2014the regulation on the monthly pension (according to the calculation method applied from January 1, 2018 onwards) is specified as follows:

The monthly pension of employees who are eligible for retirement is calculated at 45% of the average monthly income pay social insurance (social insurance)) and corresponding to the number of years of payment of social insurance as follows:

– 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.

– Female employees who retire from 2018 onward is 15 years, in 2019 is 16 years, in 2020 is 17 years, in 2021 is 18 years, from 2022 onwards is 19 years, in 2023 is 20 years.

After that, for each additional year, the employee specified above is charged an additional 2%, the maximum level is equal to 75% of the monthly salary on which social insurance premiums are based.

Thus, from 2022 onwards, male employees who are eligible to retire and pay at least 20 years of social insurance can enjoy retirement, while female employees who are eligible for retirement only need to pay at least 15 years of social insurance. Social insurance is able to receive a pension of 45%.

Based on the above regulations, employees who have reached the retirement age and have paid social insurance contributions for 20 years will not be entitled to a lump-sum social insurance payment. Instead, employees will be entitled to a statutory pension. Conversely, if the employee has had enough years of paying social insurance premiums to receive a pension but has not reached the retirement age, he or she can wait until he is old enough to receive his pension.

### How many years to enjoy the highest pension?

According to the above regulations, the calculation of the number of years of paying social insurance premiums for retirement to enjoy the maximum salary is as follows:

Number of years of paying social insurance to enjoy the maximum salary = Number of years of paying social insurance to receive a salary of 45% (in terms of retirement years) 15 years.

Thus, from 2022, male employees who have paid full 35 years of social insurance and are eligible for retirement will receive a pension at the rate of 75% of their monthly salary on which social insurance premiums are based, this is the maximum rate. Female employees who have paid full 30 years of social insurance and are eligible for retirement will receive the maximum pension.

Talk to PV newspaper Vietnamese peopleMs. Bui Thi Tu – Hanoi social insurance official said: “In case the employee has enough years of paying social insurance to enjoy pension but not enough, retirement age You have to wait until you are old enough to receive your pension. Employees are only allowed to retire early (underage age) in a number of cases such as: Laborers doing heavy and hazardous jobs specified in the Labor Code; workers with reduced health; having an occupational accident; occupational disease, HIV…

In case the employee quits his job when he is old enough get a pension If you haven’t had enough years to pay social insurance, you can continue to pay Voluntary social insurance or work with the company to continue to pay social insurance premiums until the full year of paying retirement social insurance premiums according to regulations”.

“Employees should learn more about the Law on Social Insurance and other regimes so that they can receive pensions when they get old instead of 1 time withdrawal of social insurance” said Mrs. Tu.

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