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| Elderly persons receive pension at the Ho Chi Minh City Social Security’s office__Photo: VNA |
Vietnamese citizens who are aged full 75 or older and do not have pensions or other monthly social security benefits would be entitled to social pension benefits provided by the State budget, according to the latest draft amended Law on Social Insurance.
The Government would report to the National Assembly to decide on gradually adjusting the age threshold for enjoying social pension benefits based on the state budget’s capacity in each period. The monthly social pension benefit level would be determined by the Government in line with the socio-economic development conditions and the state budget’s capacity in each period.
The Ministry of Labor, Invalids and Social Affairs (MOLISA) estimates that reducing the age for receiving non-contributory pension benefits from 80 to 75 years old will help expand the eligible beneficiaries by about 800,000 elderly people who will receive benefits.
Vietnam is currently experiencing a golden population structure while undergoing the process of population ageing. The population group aged 60 and above is growing rapidly, from 11.9 percent in 2019 to 13.9 percent in 2023.
The average life expectancy of Vietnamese people born in 2023 is 73.7 years, with an average life expectancy of 71.1 years for males and 76.5 years for females. Meanwhile, the social pension level for the elderly is still low compared to the current cost of living. Many people cannot wait until they are 80 years old to receive social pension benefits as provided currently in the Law on the Elderly.- (VLLF)
