According to the Social Insurance Agency
In Vietnam, the current Social Insurance Law does not prohibit employees who have withdrawn their social insurance contributions in a lump sum from rejoining to receive a pension. According to Article 60 of the 2014 Social Insurance Law, the lump-sum social insurance benefit is calculated based on the number of years of social insurance contributions. Therefore, if an employee wants to receive a pension after receiving a lump-sum social insurance payment, their social insurance contribution period must be recalculated from the beginning, with a minimum of 20 years. However, according to the 2024 Social Insurance Law, effective from July 1, 2025, employees who reach retirement age and have contributed to social insurance for 15 years or more will receive a monthly pension. Thus, compared to the current regulations, from July 1, 2025, those who reach retirement age will be eligible for a pension with 15 years of social insurance contributions, instead of 20 years as currently required.
Workers who have withdrawn their social insurance contributions in a lump sum can reinvest for the remaining 15 years to be eligible for a pension. (Illustration: Le Anh Dung)
Labor experts assess that this regulation creates an opportunity for those who have withdrawn their social insurance contributions in a lump sum to return to participation later (45-47 years old), or to participate intermittently, to accumulate enough contributions for 15 years to receive a monthly pension. This minimum contribution requirement does not apply to those receiving pensions due to reduced working capacity. Mr. Nguyen Duy Cuong, Deputy Director of the Social Insurance Department (
Ministry of Labor, Invalids and Social Affairs ), stated that in all cases, receiving a
lump -sum social insurance payment is disadvantageous compared to preserving contribution time to receive a pension. Therefore, the 2024 Social Insurance Law has added many regulations to increase benefits, enhance attractiveness, and encourage workers to preserve contribution time to receive a pension, instead of receiving a lump-sum social insurance payment. Furthermore, since neither the current Social Insurance Law nor the new law stipulates that workers who have withdrawn their social insurance contributions in a lump sum will have their contributions returned to preserve their contribution time, workers need to carefully consider their decision before withdrawing their social insurance contributions in a lump sum. Workers who receive a lump-sum social insurance payment will lose the opportunity to receive a monthly pension and will not be granted a free health insurance card throughout their pension period. Mr. Cuong emphasized that a stable monthly pension, with regular adjustments by the State, will contribute to better ensuring the lives of workers. Labor experts also assess that allowing workers to withdraw their social insurance contributions in a lump sum will not guarantee social security for them in old age. However, many people, due to extremely difficult living conditions and not knowing where else to turn, consider withdrawing their social insurance contributions in a lump sum. "The Social Insurance Law does not prohibit workers from withdrawing their social insurance contributions in a lump sum, but to help workers remain in the system and ensure social security, the State needs to have policies to support workers when they face difficulties. Only then will workers feel secure in finding new jobs and continue contributing to social insurance until retirement," a labor expert said.
According to the Vietnam Social Security (BHXH), in the first six months of 2024, the number of workers receiving lump-sum social insurance benefits continued to increase. Specifically, more than 686,000 people received lump-sum social insurance benefits, an increase of over 3% compared to the same period last year. Of these, 595,000 received lump-sum benefits, an increase of 3.7%; the majority were workers who stopped contributing to social insurance after one year, accounting for approximately 98%. The number of lump-sum social insurance benefits continues to increase over the years. Between 2016 and 2023, approximately 6 million workers nationwide received lump-sum social insurance benefits. The number increased year after year, with an average growth rate of about 10.5%. According to the Social Security agency's assessment, workers withdrawing lump-sum social insurance benefits are mainly concentrated in the non-state sector. Those withdrawing lump-sum social insurance benefits are primarily aged between 20 and under 40 years old (accounting for 78%).
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