Roadmap proposed for calculating pensions for female workers
The Ministry of Labour, Invalids and Social Affairs will propose a new roadmap for calculating pensions for female workers to the National Assembly (NA).
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This news was released by Pham Luong Son, Deputy Director of Vietnam Social Security (VSS), at a news conference on December 26 on social insurance and social health care.
According to him, for those who retire from 2018 onward, 15 years of social insurance contribution is equal to 45% of the average monthly salary. In the following eight years, 3 more percent will be added for each year, then 2 more percent will be added, up to 75% of the individual’s monthly salary. However, this roadmap is still awaiting approval from the NA.
According to Do Ngoc Tho, deputy head of the VSS’s Department of Policy Implementation, from January 1, 2018, female labourers have to pay five premiums for five additional years to enjoy the maximum pension of 75% of their monthly salary, a change many have complained "unfavourable".
Under the 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% of their monthly salary.
The VSS’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% of the country’s population.
