QUESTION:

I am a preschool teacher, until 2024 I am old enough to retire, but I lack 5 years of social insurance payment. I would like to ask, how to enjoy the maximum pension? Can I make a one-time social insurance payment for 5 years to get my pension right now, or wait 5 years to get my pension?

ANSWER:

As stipulated in Point a Clause 1 Article 54 Law on Social Insurance 2014, being full 60 years old for men, or full 55 years old for women, who have paid social insurance premiums for at least full 20 years.

Pursuant to stipulations in Clause 2 Article 56 Law on Social Insurance 2014, the corresponding pension rate of 45% of the average monthly salary for social insurance payment is calculated as follows: Male laborers retiring in 2018 is 16 years, 2019 for 17 years, 18 years for 2020, 19 years for 2021, 20 years for 2022;

Since January 1, 2018, the monthly pension of employees who fully satisfy the conditions specified in Article 54 of this Law will equal 45% of the average monthly salary on which social insurance premiums are based as prescribed in Article 62 of this Law, and correspond to the following period of social insurance premium payment:

Pursuant to Clause 4, Article 2 of the Law on Social Insurance, 2014; Articles 6, 9 and 10 of the Government’s Decree No. 134/2015/ND-CP of December 29, 2015, detailing a number of articles of the Law on social insurance on voluntary social insurance. Volunteers are Vietnamese citizens who are full 15 years of age or older and are not eligible for compulsory social insurance.

Voluntary social insurance: Monthly, every 3 months, 6 months, 12 months; once for many years but not later than 5 years (60 months); One time for the missing years for those who meet the social insurance eligibility criteria for their retirement age as stipulated, but the period of social insurance payment is shorter than 10 years (120 months).

Voluntary monthly social insurance payments equal to 22% of the monthly income chosen by the voluntary participants. The monthly income level selected by the voluntary social insurance participants is the lowest in the rural poor standard set by the Prime Minister and 20 times higher than the base salary at the time of payment.

In compliance with the above regulations, if by 2024 you retire (is out of work, is no longer subject to compulsory social insurance), you are 55 years old, you still have to pay social insurance premiums for 5 years. Ms. Chau can continue to pay social insurance voluntarily by the method of payment: monthly, 3 months, 6 months, 12 months; Once for many years until the full 30 years of social insurance premium upwards to receive the maximum pension.

In case of full 55 years of age who have paid social insurance premium for full 20 years or more, you shall not be eligible for social insurance payment once for 5 years to enjoy immediately (counting from the month after the month with full payment of 5 years) maximum pension./.