Amended law proposes lowering requirements for pension benefits
Retirees who have made social insurance contributions for at least 15 years will be eligible to receive a pension, under proposed revisions to the Law on Social Insurance.
Such rules exclude many people from pension benefits, said Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung at a meeting of the National Assembly Standing Committee on August 17.
Therefore, the reduction of contribution years will help people to join social insurance later in their working life (from 45-47 years old) or those making intermittent contributions or are engaged in specific jobs with shorter career years to be entitled to a monthly pension and healthcare benefits, said Dung.
He added that the amendments will also reduce the number of people claiming one-off insurance payments.
The revisions to the Law on Social Insurance are made following a resolution of the Party Central Committee, which highlights the need to gradually reduce the number of contribution years to be eligible for pension./. NDO
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