Benefits of voluntary social insurance buyers change from July 1

Social insurance book - Photo: TTO

Social Insurance Region I ( Hanoi city area) said that the Social Insurance Law 2024, effective from July 1, 2025, stipulates new conditions for pension benefits for voluntary social insurance participants.

Accordingly, voluntary social insurance participants will receive a lifetime pension when they reach retirement age and have paid for 15 years or more.

The 2019 Labor Code stipulates that the retirement age of employees under normal conditions increases from 60 to 62 years old for men, and from 55 to 60 years old for women.

From January 1, 2021, each year, men will have an additional 3 working months, and women will have an additional 4 months until they reach 62 years of age and 60 years of age. Thus, in 2025, the retirement age for men will be 61 years and 3 months. For women, the retirement age will be 56 years and 8 months.

However, those who voluntarily pay social insurance before January 1, 2021 and have paid for 20 years or more will be entitled to pension when they reach 60 years old for men and 55 years old for women, unless they have other wishes according to regulations.

In addition to pension, contributors are also given free health insurance cards (covering up to 95% of medical examination and treatment costs), funeral expenses for relatives equal to 10 times the basic salary (when participating for 5 years or more), or 23.4 million VND...

Notably, from July 1, 2025, voluntary social insurance participants will be supplemented with maternity benefits (VND 2 million/child/death of fetus from 22 weeks of age or older). The condition is to pay social insurance for at least 6 months in the 12 months before giving birth.

From July 1, 2025, the voluntary social insurance contribution rate is equal to 22% of the income used as the basis for voluntary social insurance contributions to the pension and death fund. Participants can choose to pay periodically or pay one time.

- With periodic payments, there are methods of payment such as monthly, 3-month, 6-month, 12-month or many years at a time (no more than 5 years/time).

- With one-time payment, participants can pay for the missing years (not more than 10 years).

Voluntary social insurance contribution rate in Hanoi - Photo: Hanoi Social Insurance

According to Vietnam Social Security, the number of people participating in social insurance by the end of May 2025 reached about 19.5 million people, an increase of 12% over the same period in 2024. Of which, the number of compulsory participants was more than 17.4 million people (an increase of nearly 9%) and the number of voluntary participants was more than 2.1 million people (an increase of about 46%).

By the end of May 2025, the whole industry will handle about 46,500 people receiving monthly social insurance benefits, an increase of nearly 54% over the same period in 2024. The number of people receiving one-time social insurance benefits is nearly 485,000, a decrease of more than 13% over the same period in 2024.

Thus, this is a positive signal, showing that workers increasingly understand the meaning and superiority of policies and benefits when participating in social insurance for 15 years according to the Social Insurance Law 2024, thereby attaching themselves to the social security system.

Source: https://tuoitre.vn/quyen-loi-nguoi-mua-bao-hiem-xa-hoi-tu-nguyen-thay-doi-tu-ngay-1-7-2025060716230761.htm