Adding a voluntary savings channel for workers.
According to Decree No. 85/2026/ND-CP on supplementary retirement insurance, effective from May 10, 2026 (replacing Decree No. 88/2016/ND-CP), the subjects participating in supplementary retirement insurance are employers and employees who have participated in compulsory social insurance as prescribed by the Social Insurance Law. These subjects can voluntarily participate in supplementary retirement insurance implemented by enterprises managing retirement funds through their employers.
The issuance of Decree No. 85/2026/ND-CP on supplementary retirement insurance is considered an important step in concretizing the orientation of building a multi-tiered social security system in accordance with the spirit of the 2024 Social Insurance Law. Accordingly, in addition to the basic retirement benefits guaranteed by compulsory and voluntary social insurance, supplementary retirement insurance is designed as an additional "tier" for accumulation, helping workers increase their income after retirement.
In practice, although the number of pensioners is increasing, the amount received by a segment of retirees remains modest compared to their spending needs in the context of rising living and healthcare costs.
The reasons may stem from various factors such as insufficient social insurance participation time, limited salary levels used as a basis for contributions, or discontinuous participation... This shows that supplementing with suitable savings channels is necessary, helping workers proactively prepare financially early and gradually better secure their income when they reach retirement age.
In this context, supplemental pension insurance is identified as a strategically significant solution to bridge the gap between actual needs and benefits from the basic pension system. When implemented effectively and comprehensively, the policy will not only contribute to improving the quality of life for retirees but also enhance the sustainability and adaptability of the social security system in the new context.
One of the highlights of supplementary retirement insurance under Decree No. 85/2026/ND-CP is that it is designed on the principle of flexibility and voluntariness, creating conditions for workers to proactively participate according to their needs and financial capabilities.
Accordingly, participation is not mandatory, but is based on an agreement between the employee and the employer, ensuring the initiative and choice of each individual.
The contribution-benefit mechanism of the policy is also designed to be open, allowing parties to flexibly determine the contribution level, payment method, and benefits received in each stage, in accordance with actual conditions. Each participant will have a personal retirement account, which fully records the contributions of the employee and/or employer. This accumulated fund is managed and invested according to market principles, ensuring transparency, safety, and aiming for long-term efficiency, thereby helping to increase the value of accumulated assets over time.
Contributing to improving the quality of retirement life.
With Vietnam entering a period of increasingly rapid population aging, proactively preparing financially for old age is no longer a matter for individuals alone, but has become a systemic requirement for the entire socio -economic system.
The implementation of supplementary retirement insurance under Decree No. 85/2026/ND-CP therefore has strategic significance, contributing to the completion of a multi-tiered social security system, while gradually allocating responsibilities rationally between the State, businesses, and workers in ensuring income in old age.
Thus, supplemental retirement insurance is not just a personal choice, but is gradually becoming a suitable trend in the context of new development. When employees proactively participate in saving, businesses actively cooperate, and the State continues to improve the legal framework, a multi-tiered, inclusive, and sustainable retirement system will gradually be formed.
This is also an important foundation contributing to the realization of the goal of universal social insurance, ensuring long-term social security, adapting to socio-economic changes, and improving the quality of life for the people.
According to experts, given the current modest pension levels, developing supplementary retirement insurance is an inevitable trend, helping people have an additional stable source of income in their old age.
Regarding this issue, a representative from the Vietnam Social Security (BHXH) stated: Supplementary retirement insurance will become a solid pillar, alongside mandatory social insurance, contributing to improving the quality of retirement life and reducing pressure on the state budget in the long term. Many workers, upon reaching old age, only receive a pension that partially meets their living needs; therefore, supplementary retirement insurance becomes a channel to help them generate significant additional income from savings accumulated during their younger years.
In particular, the supplementary retirement insurance model also contributes to forming effective personal financial management habits. Many people have good incomes but spend without a plan. Participating in supplementary retirement insurance forces them to save purposefully, focusing on the future instead of impulsive spending.
Source: https://hanoimoi.vn/bao-hiem-huu-tri-bo-sung-kenh-tich-luy-tu-nguyen-cho-nguoi-lao-dong-khi-ve-gia-748612.html
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