VietNamNet Bridge – Ministry of Labour, Invalids and Social Affairs will propose a new roadmap for calculating pensions for female workers to the National Assembly (NA).

Citizens call for social insurance procedures in HCM City. – Photo thanhnien.vn

This news was released by Pham Luong Son, deputy director of Viet Nam Social Insurance (VSI), at a news conference on Tuesday on social insurance and social healthcare. According to him, for those who retire from 2018 onward, 15 years of social insurance contribution is equal to 45 per cent of the average monthly salary. In the following eight years, 3 more per cent will be added for each year, then 2 more per cent will be added, up to 75 per cent of the individual’s monthly salary. However, this roadmap is still awaiting approval from the NA.

According to Do Ngoc Tho, deputy head of Department of Policy Implementation, Viet Nam Social Insurance, from January 1, 2018, female labourers have to pay five premiums for five additional years to enjoy the maximum pension of 75 per cent of their monthly salary, a change many have complained "unfavourable".

Under current policy, male and female retirees who have bought social insurance for 30 and 25 years, respectively, are entitled to enjoy full monthly pension, equivalent to 75 per cent of their monthly salary. VSI’s data shows that the agency helped 9.9 million workers enjoy social insurance policies in 2017. There are 81 million people paying social insurance premiums, accounting for 86 per cent of the country’s population.

Source: VNS