(Yeni) – Many workers are interested in how many years of paying social insurance to receive a 75% pension, let’s find out.
What is social insurance?
Social insurance is a guarantee to replace or partially compensate employees’ income when they lose or lose income due to illness, maternity, work accidents, occupational diseases, the end of working age or death, on the basis of contributions to the social insurance fund. (According to Clause 1, Article 3, Law on Social Insurance 2014)
In particular, “Insurance is a method of protecting against financial losses. It is a form of risk management, mainly used to insure against accidental risks or losses that may occur. And A society is a group of individuals involved in regular social interaction, or a large social group that shares a common spatial or social territory, often subject to the same political authority and specific cultural expectations. coordination” – According to wikipedia
Thus, Social Insurance is a social security policy organized by the State and guaranteed to be implemented by the Vietnam Social Insurance agency according to the provisions of law. There are 2 forms of participating in social insurance corresponding to 2 types of social insurance:
1) Compulsory social insurance.
2) Voluntary social insurance.
Social insurance is a social security policy organized by the State and guaranteed to be implemented by the Vietnam Social Insurance agency.
How many years does an employee pay Social Insurance to receive a 75% pension?
Article 56 of the Law on Social Insurance 2014 and guided by Clause 2, Article 7 of Decree 115/2015/ND-CP.
The employee’s monthly pension is calculated according to the following formula:
Monthly pension rate = Monthly pension rate x Average monthly salary paid for social insurance.
In particular, the monthly pension rate of eligible employees is calculated as follows:
– For female employees retiring from January 1, 2018 onwards, the monthly pension rate is calculated at 45% corresponding to 15 years of social insurance payment; After that, for each additional year of social insurance payment, an additional 2% is calculated; The maximum level is 75%.
Thus, female workers need 30 years of social insurance payment to enjoy the maximum pension (75%).
How many years of paying Social Insurance to receive a 75% pension?
– For male employees retiring from January 1, 2018 onwards, the monthly pension rate is calculated by 45% corresponding to the number of years of social insurance payment according to the table below, then add each years of social insurance payment, an additional 2% is calculated; The maximum level is 75%.
Thus, male workers need 35 years of social insurance payment to enjoy the maximum pension (75%).
So, currently, if employees want to receive a pension at the maximum rate (75%), they need to meet the conditions for pension entitlement and are required to pay social insurance for at least 30 years for women. and 35 years for men.
In addition, for employees receiving pension before the prescribed age due to reduced working ability, the percentage (%) of monthly pension will also be calculated as above, but for each year of retirement before the prescribed age, will be reduced by 2%.
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