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Draft decree on spending $3.4m for 91,000 retired female employees

Update: August, 11/2018 - 09:00
Retired female employees receive their pension in Hà Nội. – VNA/VNS Photo Minh Quyết
Viet Nam News

HÀ NỘI – As many as 91,000 female employees who retire between 2018 and 2021 will be able to receive between 0.2 and 12 per cent of their pensions as a bonus as well as their current pensions.

This is part of the draft decree on the adjustment of pensions for retired female employees from 2018 to 2021 by the Ministry of Labour, Invalids and Social Affairs (MOLISA).

The pension adjustment would apply to female employees starting to receive pensions from 2018-21.

Due to the different time periods of paying social insurance premiums by female employees, the rates of pension deduction is also different, leading to the adjustment calculated based on the amount of time of paying social insurance premiums and the year of retirement.

As a result, MOLISA has proposed increasing pensions by between 0.27 per cent and 12.31 per cent depending on the period of social insurance contribution.

Female employees retiring between January 1, 2018 and June 30, 2018, will be eligible for the pension adjustment after their pensions are adjusted.

Female employees retiring between January 1, 2018 and the date of adjustment of their pension as prescribed above will be entitled to receive the adjusted pension from previous months after the first month of retirement.

The Vietnam Social Security forecasts that the number of female employees starting to receive pensions from 2018 to 2021 with 20 years or more of social insurance contribution will be 91,000. Of that, 20,500 people will retire in 2018; 22,000 people in 2019; 23,500 people in 2020 and 25,100 in 2021.

The labour ministry estimates that the budget for the pension adjustment for the period from 2018 to 2021 is about VNĐ80 billion (US$3.4 million). Of that, 2018 needs VNĐ27.8 billion ($1.19 million), 2019 needs VNĐ23.7 billion ($1 million); 2020 needs VNĐ18.1 billion ($778,000) and 2021 needs VNĐ10 billion ($443,000). – VNS

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