The revised Law on Social Insurance, if approved by the NA, is expected to make life easier for retirees. (Photo: cand.com.vn)
For the lump-sum social insurance payout, the draft revision offers two options. First, laborers can withdraw lump-sum social insurance after 12 months of stopping work. Second, laborers are allowed to withdraw up to 50% of the total payment period.

Deputy Vuong Thi Huong of Ha Giang province proposed reducing the minimum number of years of paying social insurance from 25 to 15 to qualify for a pension. This policy is consistent with the reality that Vietnam's labor market is still in the early stages of development, she said.

“It offers opportunities for those who join social insurance late or have intermittent participation. It is recommended that the drafting committee consider designing a shared pension calculation method to support those whose pensions are too small to live on,” Huong added.

Many lawmakers said reducing the age for receiving retirement benefits from 80 to 75 is humane. In this way, nearly 800,000 more elderly would receive social pension benefits and health insurance from the state budget, they said.