People who are old enough to retire and participate in compulsory social insurance but still lack a maximum of 6 months or the voluntary social insurance group lacks more than 5 years will be compensated for the missing time to enjoy retirement.
According to Vietnam Social Insurance, the current Social Insurance Law expands the scope of pension benefits by reducing the period of social insurance payment from 20 to 15 years, and clearly stipulates cases of compensation or lump-sum payment for the number of years missing to enjoy retirement.
For employees participating in compulsory social insurance, in case there is a maximum of 6 months missing to qualify for monthly pension or death benefit, the employee or his/her relatives can continue to pay a lump sum for the remaining months to enjoy the benefits. The one-time payment is equal to the total participation of the employee and the employer before the person quits the job or dies, i.e. 22% of the average salary as a basis for participation in the Death Retirement Fund.
Working conditions: Working under normal conditions, reaching retirement age; people infected with HIV due to occupational accidents while performing assigned tasks; Those who retire 5 years earlier than prescribed must have a compulsory social insurance payment period of 14 years and 6 months to less than 15 years. Retirees due to reduced working ability must have a compulsory social insurance payment period of from 19 years and 6 months to less than 20 years. The earliest payment time for this group is the month preceding the month of eligibility for pension.
Employees participating in voluntary social insurance are also entitled to a one-time payment for the remaining time to qualify for pension with a higher payment amount than prescribed. Specifically, people who reach retirement age according to regulations but have not paid more than 5 years (60 months) of social insurance premiums will be entitled to make a one-time payment for a full 15 years to enjoy their pension.
The one-time payment for the remaining years is calculated by the total payment of the missing months, applying a compound interest equal to the average monthly Social Insurance Fund investment interest rate of the year preceding the year of payment announced by Vietnam Social Insurance. The time of benefit is the first day of the month immediately following the month of full payment for the missing period.
Current law stipulates that participants of compulsory social insurance who have reached retirement age but have not yet paid enough years, and are under 75 years old, will receive monthly benefits, if they do not withdraw them in one lump sum, they will not reserve them. In 2026, the beneficiary age for this group is 61 years and 6 months for men, 57 years for women and less than 15 years of social insurance contributions. In case the total amount calculated based on the payment period and the basis for participation is not enough for the employee to enjoy monthly benefits until reaching the age of 75, that person can pay a lump sum for the remaining balance to enjoy until entering the social pension.
Each month's allowance is calculated based on working time and money paid into the Fund. The current lowest benefit level is equal to social pension, which is 540,000 VND per month. This amount is increased when the Government adjusts pensions. In addition to subsidies, this group receives health insurance from the state budget.
The whole country has more than 3.4 million people receiving pensions and benefits at different levels: more than 11,500 people receive 20 million VND per month or more; Nearly 418,500 people receive 10 to less than 20 million VND; 1.063 million people enjoy 6 to less than 10 million VND; 1.347 million people enjoy 3 to less than 6 million VND; 144,850 people receive 2.34 to less than 3 million VND and nearly 419,400 people receive less than 2.34 million VND.
