From September 1 2024, the Social Insurance Agency has directly transferred monthly pension payment, social insurance benefits to beneficiaries' personal bank accounts in 43 provinces, cities. Vietnam Social Insurance also said that this method of transferring money to personal bank accounts will be implemented in the remaining 20 cities from September 1.
=> See more: Allowances not subject to Social Insurance 2024
Photo 1: Will everyone have to receive pension via bank account from September 1st 2024?_Hotline: 0972118764
According to the provisions of Clause 3, Article 18 of the 2014 Law on Social Insurance and Article 93, 114 Law on Social Insurance 2024 (effective from 01/07/2025), there are three methods of receiving pensions for employees participating in mandatory Social Insurance, including:
+ Through the beneficiary’s bank account;
+ Directly from the social insurance agency or a service organization authorized by the social insurance agency;
+ Through the employer.
Therefore, receiving pensions through a bank account is not mandatory. From September 1, 2024, the method of paying pensions through online banking will be added to 20 provinces and cities that have only been making direct payments from the social insurance agency or employers.
It can be seen that receiving pensions or social insurance benefits by online banking is a voluntary choice of beneficiaries, not a mandatory requirement. The 2024 Social Insurance Law will take effect from July 1, 2025.
=> See more: From August 1st 2024, in which cases must house buying and selling be made via online banking?
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