Monthly pension calculation formula

A reader asked: I am a male employee, born in March 1959, quit my job on July 15, 2017 and the company has determined my social insurance payment period to be 32 years and 2 months. So, how is my pension rate calculated when I reach retirement age (April 2019)?

According to Vietnam Social Security, a worker born in March 1959, who retired on July 15, 2017, has paid social insurance for 32 years and 2 months. When the worker reaches 60 years old (April 2019), the monthly pension rate is calculated as follows:

- The first 17 years are calculated at 45%;

- From the 18th year to the 32nd year is: 15 years, add: 15 x 2% = 30%;

- 02 months are counted as ½ year, add: 0.5 x 2% = 1%;

- The total of the above ratios is: 45% + 30% + 1% = 76% (only calculate up to 75%);

Therefore, for employees retiring in April 2019, the monthly pension rate they receive is 75%.

According to baotintuc