Under The Law on Social Insurance 2024,  social  pension benefit funded by state budget and built based on continuing and developing a part of  monthly social protection benefit for the elderly  without entitled  pension and monthly social insurance benefit enjoyment. Notably, the eligibility age for receiving the social retirement allowance has been lowered to 75 years old (currently 80 years old).

Poor and near poor people who are from 70 to below 75 years old are entitled to enjoy social retirement benefit.

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Supplementing  regulation for promoting connection between social retirement benefit and compulsory social insurance.

If a Vietnamese citizen who has reached retirement age, has paid social insurance, but is not eligible to receive pension and social retirement benefits according to Article 21 of this Law, and chooses not to receive lump-sum social insurance payout and not to reserve the social insurance payment period, he/she will receive monthly benefits from their own payments. People who are receiving monthly benefits shall have health insurance premiums paid by state budget.

Expanding participants

The Law on Social Insurance 2024 regulates expanding participants and enjoying full benefit by supplementing compulsory social insurance participants including business household with business registration; non-professional staff at the commune, village, part time staff; enterprise manager, cooperative manager without salary.

Supplementing right on sickness, maternity benefit for non-professional staff at the commune

The Law on Social Insurance 2024 officially supplements sickness, maternity benefit for non-professional staff at the commune instead of only 2 benefits (retirement and survivor) under current regulation.

Including maternity benefit in voluntary social insurance policy

Voluntary social insurance participants who meet the prescribed conditions are entitled to a maternity allowance of 2 million VND for each newborn child, funded by the state budget, without requiring workers to make any additional contributions beyond the current regulations.

Contributing social insurance at least 15 years for pension 

The Law on Social Insurance 2024 increases participant’s pension enjoyment by reducing minimum social insurance participation time from 20 to 15 years.

Encouraging employees to preserve their contribution period to receive a pension instead of lump sum social insurance

The Law on Social Insurance 2024 supplements regulations for broadening right and attraction to encourage employees to preserve contribution duration to enjoy pension in stead of lump sum social insurance benefit.

Ensuring social insurance participation and benefits for Vietnamese workers working abroad and foreigners working in Vietnam

The Law on Social Insurance 2024 ensures better social insurance participation and enjoyment rights of Vietnamese workers employed abroad and foreign workers employed in Vietnam to participate in and benefit from social insurance. The provisions are added to recognize periods of social insurance participation both in Vietnam and abroad - as stipulated in international treaties to which the Socialist Republic of Vietnam is a member - for the purpose of determining eligibility for social insurance benefits.

Enhancing social security funds investment efficiency

The Law on Social Insurance 2024 regulates enhancing the efficiency of the social security funds' investment, its management, and funds utilization through the expansion of investment portfolios and methods.

Adding regulation on supplementary pension  

The Law on Social Insurance 2024 adds some charters on supplementary pension regulating covered groups, principles, supplementary pension fund and state policy related to supplementary pension and gives participation methods to enjoy higher pension.

Detailed regulation on reference in stead of base salary premium

Under the Law, “reference premium” is regulated to calculate contribution and enjoyment premium of social insurance benefit; when the base salary has not yet been abolished, the reference level is adjusted equal to the base salary.

Reference premium is adjusted based on consumer price index increase, economic development, state budget and social insurance funds.

Detailed regulation on social insurance collection and contribution

Enhancing compliance with the law to protect laborer’s legal rights and benefits, the Law on Social Insurance 2024 dedicates one chapter to regulate social insurance premium collection, contribution; clarify the legal implications of late and evaded social insurance premium.

Regulation on social insurance digital transaction 

The Law on Social Insurance 2024 facilitates social insurance benefit participants and beneficiaries through supplementing regulation on electronic transaction on social insurance, adjusting, reducing, simplifying record and social insurance implementation procedure.

Amending, supplementing regulation on social insurance benefit suitable with reality, ensure laborers’ better rights

The Law on Social Insurance No. 41/2024/QH15 has inherited and developed existing appropriate provisions that have been tested in practice, amended unsuitable regulations, ensured feasibility and long-term applicability, and maintained the consistency and uniformity of the legal system.