How to pay voluntary social insurance and pension benefits?
Her father Nguyen Thi Hang (in Dien Bien) was born in 1966, her family pays voluntary social insurance under the poverty standard VND 700,000, the monthly payment rate is VND 138,600, the later pension is 45%, equivalent to VND 315,000 month. Ms. Hang asked, is this pension correct? Will it be adjusted later?
Regarding this issue, The Vietnam Social Security answers as follows:
Regarding the calculation of pension entitlement rate for male employees: According to Clauses 1 and 2, Article 74 of the Law on Social Insurance 2014, From the effective date of this Law to January 1, 2018, the level of monthly pension for employees who fully satisfy the conditions specified in Article 73 of this Law must equal 45% of the average monthly income on which social insurance premiums are based as prescribed in Article 79 of this Law, corresponding to 15 years of social insurance premium payment, which shall then be added with 2%.
Since January 1, 2018, the monthly pension of employees who fully satisfy the conditions specified in Article 73 of this Law must equal 45% of the average monthly income when male employees who retire in 2018 , 2019, 2020 and 2021 and in 2022 and afterward, it is 16 years, 17, years, 18 years, 19 years and 20 years, respectively;
Regarding the monthly income paid for social insurance: Under the provisions of Clause 2, Article 79 of the Law on Social Insurance 2014 and Clause 2, Article 4 of the Government's Decree No. 134/2015 / ND-CP dated December 29, 2015 detailing a number of articles. of the Law on Social Insurance on voluntary social insurance, the monthly income paid for social insurance as a basis for calculating the average monthly income paid for social insurance and calculating the entitlement to retirement benefits is adjusted on the basis of the consumer price index of each period.
Currently, her father pays voluntary social insurance according to the poverty line in rural areas of VND 700,000, but the rate is not fixed, but changes from time to time according to the regulations of the Government’s Prime Minister. Therefore, with the information she provided, there were not enough bases to determine the exact pension level for her father.
Regarding the adjustment of pensions: According to Clause 3, Article 74 and Article 57 of the Law on Social Insurance, the Government id assigned to regulate the adjustment of pension on the basis of the increase in consumer price index and economic growth in accordance with the budget of State and social insurance fund.
Vietnam Social Insurance provides some information related to the entitlement to pension benefits for voluntary social insurance participants for her reference. For more details about her father's case, please provide her documents for the Dien Bien Provincial Social Security to explain in detail.
By: Online Newspaper of the Government / Translator: HaiYen-Bizic
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