On 07/11/2018. The government promulgated Decree No. 153/2018/NĐ-CP regulation on the police of pension adjustment for female laborers who start to receive pensions in the period from 2018 to 2021 shall have paid social insurance premiums for full 20 years to 29 years and 6 months. This Decree will take effect from 24/12/2018.
Accordingly, female laborers who start to receive pensions from 01/01/2018 to 31/12/2021 which has full 20 years to 29 years and 6 months that depends on the time which laborers paid for social insurance and the point of time that start to receive pension, the level of pension is as adjusted as the level of pension under paragraph 2 Article 56 or paragraph 2 Article 74 Social insurance law 2014 plus adjustment level.
Adjustment level is calculated according to the pension level calculated according to the provisions of paragraph 2, Article 56 or paragraph 2, Article 74 of the Law on Social Insurance 2014 at the time of commencement of pensions multiplication the rate of adjustment corresponding to the period of social insurance contribution and the time of commencement of retirement:
Retirement Cases in 2018, the highest adjustment rate was 12.3%; the lowest is 1.08%, depending on the time of paying social insurance.
Retirement Cases in 2019, the highest adjustment rate was 9,23%, the lowest is 0,81%, depending on the time of paying social insurance.
The level of pension after adjusting is basic of calculating in adjustments to the pension under Article 57 Law on Social insurance.
In addition, for women workers who start earning their pensions from January 1, 2018 to December 31, 2021, from full 20 years to 29 years and 6 months starting to receive pensions in the period from January 1, 2018 to 30/06/2018, adjustment of pensions according to the above-mentioned regulations before, then adjusted according to the Government’s Decree No. 88/2018/ND-CP of June 15, 2015 on the adjustment of pensions and security allowances monthly social insurance
It can be seen that, Decree No. 153/2018/NĐ-CP regulations on the adjustment of pensions for the case of women workers being more adversely affected than male workers due to changes in the way of calculating their pensions in accordance with the Law on Social Insurance in 2014 with the Law on Social Insurance in 2006. Thereby, timely adjustments are made, ensuring social equity and at the same time contributing to improving the quality of life of laborers.