03/08/2017 06:10 PM
- Employee are entitled to enjoy monthly retirement pensions if they reach the age of 55 for women and 60 for men, and having paid social insurance premiums for at least 20 years (in which the age of pension entitlement for those who have worked 15 years in hazardous and dangerous occupations are deducted 5 years).
- The monthly retirement pension (maximum pension: 75% of the average monthly salary; minimum pension: the basic minimum wage): in which 45% for the first 15 years of contribution; each additional year of contribution, the additional reimbursement rate is 2% for men and 3% for women; each year of early retirement, the reimbursement rate is deducted 1%.-
- According to the revised Social Insurance Law, from 2018 to 2022, the period of contribution for pension entitlement has increased from 15 to 20 years, in which the pensioner can recieve 45% average salary for the first 20 years and for each additional year of contribution, the additional reimbursement rate is 2% for both men and women.
- Employees who are not qualified for retirement pensions with the contribution period of less than 20 years are entitled to a lump-sum grant equivalent to 1.5 month of the average salary for each year contributing to the social insurance fund.
- Employees who quit their jobs but not qualifying for monthly retirement pensions or have not made a withdrawal of a lump-sum pensions are entitled to reserve their social insurance contribution period.
- Eetirees are provided with one-off allowance if they paid social insurance premiums for more than 30 years for men and more than 25 years for women. The allowance is equivalent to 0.5 of the monthly average salary for each year surplus the normal contribution period.
- Retirees are provided with health insurance cards by the Social Insurance Fund.
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