Amended law proposes lowering requirements for pension benefits

02:16 PM 2023-08-18

Retirees who have made social insurance contributions for at least 15 years will be eligible to receive a pension, under proposed revisions to the Law on Social Insurance.

Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung presents a report on the amended Law on Social Insurance.Under the current regulations, retirees only qualify for a pension if they have reached retirement age and have made social insurance contributions for at least 20 years.

Such rules exclude many people from pension benefits, said Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung at a meeting of the National Assembly Standing Committee on August 17.

Therefore, the reduction of contribution years will help people to join social insurance later in their working life (from 45-47 years old) or those making intermittent contributions or are engaged in specific jobs with shorter career years to be entitled to a monthly pension and healthcare benefits, said Dung.

He added that the amendments will also reduce the number of people claiming one-off insurance payments.

The revisions to the Law on Social Insurance are made following a resolution of the Party Central Committee, which highlights the need to gradually reduce the number of contribution years to be eligible for pension./. NDO

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