The Social Security Law 2024 was officially announced at the implementation conference on February 5, bringing comprehensive reforms to ensure social welfare and expand benefits for workers. This is a significant opportunity for Vietnam to move closer to its goal of universal social security coverage.
Breakthrough Reforms in the Social Security Law 2024
Mr. Phạm Trường Giang, Head of the Social Insurance Department (Ministry of Labor, Invalids, and Social Affairs), emphasized that the Social Security Law 2024 institutionalizes 25 key points from Resolution No. 28-NQ/TW on social insurance policy reforms. One of the most notable new provisions is the introduction of social pension allowances, expanding the scope of mandatory and voluntary social insurance participation.
Expanded Participation in Social Insurance
The Social Security Law 2024 has significantly broadened the groups eligible for mandatory social insurance, adding five new categories. Additionally, maternity leave benefits have been included in the voluntary social insurance scheme, enhancing worker benefits.
Mr. Phạm Trường Giang, Head of the Social Insurance Department (Photo: Nguyễn Hải).
Statistics show that previously, about 99,000-100,000 people retired annually on average. However, with the implementation of Resolution No. 28-NQ/TW and the 2019 Labor Code, this number has decreased to around 77,000 people per year. This highlights the necessity of reform to increase social insurance coverage.
Enhancing the Quality of Life for Retirees
The average life expectancy of pension recipients is now approximately 78 years, which is 4-5 years higher than the national average. Mr. Phạm Trường Giang noted: “Retirees have better living standards, better healthcare, and longer lifespans.”
However, there are still about 8 million elderly people who do not benefit from monthly policies, leading to difficulties in their lives. Therefore, the Social Security Law 2024 aims to cover all workers and those beyond retirement age, moving towards universal social security coverage.
New Social Pension Allowance Policy
One of the亮点 of the Social Security Law 2024 is the introduction of social pension allowances, creating a multi-tiered social security system. According to this:
- The eligibility age for social pension allowances has been lowered from 80 to 75 years, with some groups qualifying as early as 70.
- The allowance amount has increased to 500,000 VND per person per month starting July 1.
- People aged 75 and above without pensions will receive free health insurance cards for medical care from the state budget.
It is estimated that around 1.2 million elderly people aged 75 and above will benefit from this policy when the law takes effect on July 1.
Citizens receiving pensions and monthly allowances (Photo: Văn Quân).
Additionally, the law provides support for individuals aged 60 to under 75 who do not have pensions but have participated in social insurance. For example, workers who have contributed for 10 years but do not meet the minimum 15-year requirement for pensions can still receive monthly allowances and free health insurance.
Solutions to Address Population Aging
Vietnam is among the countries with the fastest aging populations globally. By 2055, it is projected that two working-age individuals will need to support one retiree. To maintain current benefits levels, either social insurance contributions would need to triple or reforms would be necessary to ease the burden on future generations.
The Social Security Law 2024 represents a strategic step, laying a solid foundation for a sustainable social welfare system. Connecting social pension allowances with basic social insurance will contribute to building a more equitable and humane society.
Conclusion
The Social Security Law 2024 is not only a breakthrough in social welfare policy but also a strong commitment by the government to protect the rights of workers and the elderly. Let’s work together to spread this information so everyone understands their rights and responsibilities within the social insurance system.
Source: Dan Tri Online.
