Can I withdraw social insurance at once after paying social insurance for 20 years?

Can I withdraw my social insurance money at once after paying social insurance for 20 years? Benefits of paying social insurance for 20 years: receiving pension, death benefit, and one-time social insurance. Please refer to the details in the article below by fdiinvietnam.com.

Can I withdraw my social insurance after 20 years of paying?

1. Can I withdraw social insurance at once after paying social insurance for 20 years?

Can employees who have participated in compulsory or voluntary insurance for 20 years or more withdraw their social insurance at one time? The answer is: Yes.

Pursuant to Article 8 of Decree 115/2015/ND-CP, employees participating in social insurance are allowed to withdraw social insurance one time if they fall into one of the following 5 cases:

1. Go abroad to settle;
2. Retirement age but social insurance participation time is less than 20 years;
3. After 1 year, the employee quits the job but has not paid social insurance for 20 years and does not continue to pay social insurance;
4. Suffering from serious illness, life-threatening illness such as: 
   • Cancer, polio, cirrhosis, leprosy, severe tuberculosis;
   • HIV infection has progressed to AIDS;
   • Having a disease that reduces the ability to work by 81% or more, causing the worker to lose control or be unable to perform basic daily personal activities without needing support and care from others.
5. Officers, non-commissioned officers, professional soldiers, and people working in the key positions of the military and public security forces who are demobilized, discharged, or leave their jobs but are not yet eligible for pension.

The one-time social insurance benefit is paid based on the social insurance contribution period and the average monthly salary for social insurance contribution of the employee. The calculation is as follows:

>> See details: How to calculate one-time social insurance.

2. How to withdraw social insurance at once when paying social insurance for 20 years

Employees who have participated in social insurance for 20 years or more are eligible to withdraw social insurance at one time and must prepare a set of documents including the following papers:

In case of preparing to settle abroad, suffering from a life-threatening illness or having a labor capacity reduction of 81% or more, the documents are prescribed as follows:

➧ In case of settling abroad, it is necessary to submit a copy of the confirmation document from the competent state agency on the employee’s renunciation of Vietnamese nationality or a notarized/certified Vietnamese translation of one of the following documents:

• Passport issued by foreign country;
• Entry visa issued by a competent foreign authority allowing entry for the purpose of settling abroad;
• Documents confirming the application for foreign nationality or permanent residence card or residence card with a term of 5 years or more issued by a competent foreign authority.

➧ In case of life-threatening illness, additional information is required:

• A copy/summary of the medical record showing the employee’s inability to care for himself/herself;
• Minutes of the medical assessment of the level of reduced working capacity by the medical assessment council showing a reduction in working capacity of 81% or more and the inability to take care of oneself if the employee has other diseases;
• In case of payment of medical examination fee, it is necessary to submit additional invoices, medical examination fee collection documents, and a list of examination contents of the medical examination facility.

After preparing all documents, the employee submits the application to the district/county social insurance agency or the provincial social insurance agency where the employee resides.

Time to process application: 10 working days from the date of receipt of complete application.

>> See details: Instructions for one-time social insurance withdrawal procedures.

Paying social insurance for 20 years or more – Other benefits

In addition to the basic benefits of the social insurance regime such as sickness, maternity, occupational accident and occupational disease that employees are entitled to during the period of participating in social insurance, after leaving work, employees who have paid social insurance for 20 years or more are also entitled to the following benefits.

1. Pay social insurance for 20 years to receive pension

Pursuant to the provisions of Article 54 and Article 55 of the Law on Social Insurance, amended by Article 219 of the Labor Code, employees who have paid social insurance for 20 years or more (*) are entitled to pension benefits if they meet the following conditions:

• Reach retirement age (in 2024, under normal working conditions, the retirement age for men is 61 years old, for women is 56 years and 4 months old);
• Reaching retirement age as prescribed in Clause 3, Article 169 of the Labor Code and having worked for 15 years in a profession, doing heavy, dangerous, toxic or especially heavy, dangerous, toxic work in the list issued by the Ministry of Labor – Invalids and Social Affairs or having worked for 15 years in an area with especially difficult socio-economic conditions;
• Be at least 10 years younger than the retirement age of workers under normal working conditions and have worked for 15 years in underground coal mining;
• Infected with HIV due to accidents or occupational risks while performing assigned work.

(*) Except for female workers who are cadres, civil servants or full-time workers in communes/wards/towns.

See also: 

>> How to calculate and receive sick leave benefits for employees;

>> Procedures for enjoying maternity insurance benefits;

>> Conditions and calculation of occupational accident and disease benefits.

2. Those who have paid social insurance for at least 20 years can receive a one-time benefit upon retirement.

Based on the calculation of pension rates stipulated in Article 56 and the regulations on one-time social insurance benefits in Article 58 of the Law on Social Insurance, employees who have paid social insurance for 20 years or more can receive a one-time benefit upon retirement if they fall into one of the following two cases:

• Female workers have paid social insurance for over 30 years;
• Male workers have paid social insurance for over 35 years.

The one-time retirement benefit is calculated as follows:

>> See more: Conditions for receiving retirement benefits – How to calculate retirement benefits.

3. Relatives are entitled to death benefits after the employee passes away.

In case an employee who has paid social insurance for more than 20 years passes away, relatives will receive a death benefit including a funeral allowance and a one-time or monthly death benefit.

➧ Funeral allowance

The funeral allowance is calculated at 10 times the basic salary.

➧ Monthly death benefit

Relatives of employees are entitled to monthly death benefits as follows:

For relatives without direct caregiver: Monthly survivor allowance is calculated at 70% of the basic salary;

• For the remaining cases: Monthly death benefit is calculated at 50% of the basic salary.

➧ One-time death benefit

The one-time death benefit that the employee’s relatives receive is as follows:

• Equal to 1.5 times the average monthly salary (MBQTL) for social insurance contribution period before 2014;
• Equal to 2 times the average monthly salary (MBQTL) for social insurance contribution period after 2014.

>> See details: Social insurance death benefit regime – Funeral expenses, one-time and monthly death benefits.

Some frequently asked questions about one-time social insurance withdrawal

1. If I have paid social insurance for 20 years but am not yet old enough to retire, can I withdraw social insurance at once?

No. According to regulations, employees who have paid social insurance for 20 years or more can withdraw social insurance one time if they fall into one of the following cases:

• Settle abroad;
• Suffering from a serious illness;
• People who serve in the military or public security forces but when they are demobilized, discharged or quit their jobs are not eligible for pension.

2. Will I receive a pension if I pay social insurance for 20 years?

Employees who have paid social insurance for 20 years or more and reach the retirement age according to regulations will receive pension according to regulations.

3. What documents are required to receive one-time social insurance?

The documents that employees need to prepare to withdraw social insurance one time include:

• Original copy of employee’s social insurance book;
• Application for one-time social insurance benefit according to form 14 – HSB;
• Documents proving that the employee is preparing to settle abroad, has a life-threatening illness or is subject to a labor capacity reduction of 81% or more.

>> See details: One-time social insurance application.

4. How much money can I withdraw after paying insurance for 20 years?

The one-time social insurance benefit level for employees who have paid social insurance for 20 years and are eligible to withdraw social insurance one-time is as follows: 

One-time social insurance payment = (1.5 x monthly social insurance contribution limit x Social insurance contribution period before 2014) + (2 x monthly social insurance contribution limit x Social insurance contribution period after 2014).

>> See details: How to calculate one-time social insurance.

5. After paying social insurance for 20 years, what benefits will the employee’s relatives receive after death?

In case an employee who has paid social insurance for more than 20 years passes away, relatives will receive a death benefit including a funeral allowance and a one-time or monthly death benefit.

6. What are the conditions for receiving a one-time pension upon retirement?

Employees who have paid social insurance for 20 years or more can receive a one-time pension upon retirement if they fall into one of the following two cases:

• Female workers have paid social insurance for over 30 years;
• Male workers have paid social insurance for over 35 years.

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