Illustrative photo

The Social Insurance Law No. 41/2024/QH15 has had many amendments and supplements in the direction of increasing benefits, enhancing attractiveness, and encouraging workers to reserve their contribution time to enjoy pensions instead of lump-sum social insurance payment. A worker has stopped participating in social insurance, he/she will be eligible for lump-sum social insurance allowance if he/she makes a request and satisfies one of the following conditions: He/she reaches the retirement age but has paid social insurance premium for less than 15 years; He/see emigrates from Vietnam to a foreign country; He/she has one of the following diseases: cancer, polio, decompensated cirrhosis, severe tuberculosis, AIDS; He/she has ≥ 81% work capacity reduction; or severe disability; Before the effective date of the Law, he/she has paid compulsory social insurance for less than 20 years and does not participate in voluntary social insurance after 12 months since the day he/she is no longer covered by compulsory social insurance.

Thus, for individuals starting to participate in social insurance from July 1, 2025, they will enjoy lump-sum social insurance allowance in the cases mentioned above.

Workers who do not receive lump-sum social insurance but reserve their contribution period and continue to participate in the sheme will have the opportunity to enjoy higher benefits such as:

(i) When continuing to participate, they are elegible for benefits at a higher level;

(ii) They can receive pensions under more rexlaxed conditions;

(iii) During the time of receiving pensions, the social insurance fund shall cover health insurance;

(iv) They shall receive monthly allowances when they do not meet the conditions for receiving pensions and are not old enough to receive social retirement allowances;

(v) During the time of receiving monthly allowances, the state budget shall cover health insurance.

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