Can I pay additional voluntary social insurance to receive a higher pension?

Vietnamese law has specific regulations on subjects that can participate in voluntary social insurance, contribution levels and specific pension levels according to contribution period.

Ms. Nguyen Hoa ( Hanoi ) has paid compulsory social insurance for 31 years and 10 months, now she quit her job to wait for retirement age. Should she continue to participate in voluntary social insurance? If she participates, how many more years will she have to pay and at what rate?

Regarding this issue, Vietnam Social Security responds as follows:

Pursuant to the provisions of Clause 4, Article 2; Clause 1, Clause 3, Article 5; Clause 1, Article 56 of the Law on Social Insurance 2014; Clause 1, Article 10; Clause 1, Article 12 of Decree No. 134/2015/ND-CP dated December 29, 2015 of the Government detailing a number of articles of the Law on Social Insurance on voluntary social insurance, employees who are Vietnamese citizens from 15 years of age and above and are not subject to compulsory social insurance are subject to voluntary social insurance.

The social insurance benefits are calculated based on the contribution level, the period of social insurance contribution and are shared among social insurance participants. Employees who have both compulsory and voluntary social insurance contributions are entitled to pension and death benefits based on the period of social insurance contribution.

The monthly pension of employees who meet the conditions specified in Article 54 of the Law on Social Insurance is calculated at 45% of the average monthly salary for social insurance contributions corresponding to 15 years of social insurance contributions, then for each additional year, 2% is added for men and 3% for women; the maximum level is 75%.

The retirement regime for those who previously had a period of compulsory social insurance payment is implemented according to the provisions of Article 5 of Decree No. 134/2015/ND-CP of the Government, except for the age condition to receive salary according to the provisions of Article 4 of Decree No. 135/2020/ND-CP dated November 18, 2020 of the Government regulating the retirement age.

Based on the above regulations, if you want to participate in voluntary social insurance to enjoy a higher pension regime, please contact the social insurance agency or collection agent at your place of residence for specific instructions.

(According to vtc.vn)

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