Pension: A Lifeline for the Elderly in Vietnam

For Mr. Duoc, a retired individual living in Thu Duc City, his monthly pension is more than just a financial supplement; it's a lifeline. After dedicating 42 years to his work, he retired in 2017, having already suffered a stroke. Initially, he and his wife planned a trip to celebrate their retirement, but a second, more severe stroke in late 2018 left him bedridden.

Now 68, Mr. Duoc has been immobilized for years. His wife, Mrs. Hue, shared that while he survived a month-long coma, he remains mentally sharp, a trait noted even during his working days when he could recall hundreds of phone numbers. However, his ability to communicate has been severely impacted by the stroke. The family has managed to sustain themselves through his monthly pension, a stark contrast to their earlier consideration of withdrawing his social insurance lump sum to help their son start a business.

"We love our son, but we thought very hard about it. If our child doesn't succeed in business, how will we take care of ourselves?" Mrs. Hue recalled. Encouraged by his former colleagues to keep his social insurance for the monthly pension, Mr. Duoc decided to retain it. His pension started at approximately 5.7 million VND per month and has since increased to about 9.1 million VND due to state-mandated adjustments.

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We love our son, but we thought very hard about it. If our child doesn't succeed in business, how will we take care of ourselves?

Initially deposited into his old ATM card, the pension is now delivered to their home by the post office since Mr. Duoc is unable to travel to the bank. "The pension helps a lot, dear. Each month, medicine alone outside of insurance costs about 3.5 to 4 million VND. I have to use all sorts of blood thinners, epilepsy, cardiovascular, and stomach medications... Health insurance covers hospital visits," Mrs. Hue explained. The family frequently took him to the hospital in the early years after his stroke, but his health has stabilized recently, requiring only occasional check-ups.

Another retiree, Mr. Hoang Huy Phuong, 66, also from Thu Duc City, began receiving his first pension payment last year after preserving his social insurance for nearly 20 years. He had stopped working in 2006. The article emphasizes that pensions provide a sense of security for the elderly, ensuring they can cover essential expenses like medication and daily living costs without being entirely dependent on their children.

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The pension helps a lot, dear. Each month, medicine alone outside of insurance costs about 3.5 to 4 million VND. I have to use all sorts of blood thinners, epilepsy, cardiovascular, and stomach medications... Health insurance covers hospital visits.