In 2024, will teachers who retire early due to downsizing policies benefit from pension policies in Vietnam?
In 2024, will teachers who retire early due to downsizing policies benefit from pension policies in Vietnam?
Pursuant to Article 5 of Decree 29/2023/ND-CP on downsizing policies, teachers who retire early due to downsizing policies shall benefit from pension policies as follows:
(1) Displaced employees who are 2 to 5 years younger than the lowest retirement age and have paid social insurance premiums for at least 20 years.
During the period of paying compulsory social insurance, if they have full 15 years of worked in heavy, dangerous or hazardous industries or at least 15 years of working in severely disadvantaged areas (including the working time in areas with region-based allowances of at least 0.7 before January 1, 2021), they may benefit from the following welfares, besides pension policies under laws on social insurance:
- Do not have pensions deducted because of early retirement;
- Receive 03-month average salary for each early retirement year compared to the statutory retirement age stated in Appendix II issued together with Decree No. 135/2020/ND-CP;
- Receive 05-month average salary for the first 20 working years with full payment of compulsory social insurance premiums. From the 21st working years onwards, each working year with social insurance premiums paid shall be granted a half of 01-month salary.
(2) Displaced employees who are 2 to 5 years younger than the retirement age under ordinary working conditions and have paid at least 20 years of compulsory social insurance premiums, may receive pensions as prescribed in the Law on Social Insurance,
And receive the following welfares:
- Receive 03-month average salary for each early retirement year compared to the retirement age under ordinary working conditions;
- Receive welfares including:
+ Do not have pensions deducted because of early retirement;
+ Receive 05-month average salary for the first 20 working years with full payment of compulsory social insurance premiums. From the 21st working years onwards, each working year with social insurance premiums paid shall be granted a half of 01-month salary.
(3) Displaced employees who are at least 2 years younger than the lowest retirement age and have paid social insurance premiums for at least 20 years.
During the period of paying compulsory social insurance, if they have full 15 years of worked in heavy, dangerous or hazardous industries on the list released by the Ministry of Labor, War Invalids and Social Affairs or at least 15 years of working in severely disadvantaged areas on the list released by the Ministry of Labor, War Invalids and Social Affairs (including the working time in areas with region-based allowances of at least 0.7 before January 1, 2021), they may benefit from the following welfares, besides pension policies under laws on social insurance:
- Benefit from pension policies under laws on social insurance;
- Do not have pensions deducted because of early retirement.
(4) Displaced employees who are at least 2 years younger than the retirement age under ordinary working conditions and have paid at least 20 years of compulsory social insurance premiums:
- Benefit from pension policies under laws on social insurance;
- Do not have pensions deducted because of early retirement.
>> List of retirement age under ordinary working conditions: Here
>> Detailed retirement age roadmap: Here
In 2024, will teachers who retire early due to downsizing policies benefit from pension policies in Vietnam? (Image from the Internet)
What is the retirement age for teachers in Vietnam in 2024?
According to current regulations, teachers are divided into two groups: employees working under employment contracts and public employees under employment contracts.
- For teachers who are employees, the retirement age is determined according to the provisions of the 2019 Labor Code
-For teachers who are public employees, the reference is made to the provisions in Clause 1, Article 46 of the Law on Public employees 2010:
Retirement regime
1. Public employees are entitled to the retirement regime under the labor law and social insurance law.
Therefore, similar to teachers who are employees, teachers who are public employees also follow the retirement age regulations specified in the 2019 Labor Code
Specifically:
Pursuant to Article 169 of the 2019 Labor Code, from 2021, the retirement ages of employees in normal working conditions shall be 60 yeas 03 months for males and 55 years 04 months for females,
And the retirement ages shall increase by 03 months for males and 04 months for females after every year.
Therefore, by 2024, the retirement age for employees in normal working conditions will be:
- The retirement age for male employees is 61 years.
- The retirement age for female employees is 56 years and 4 months.
The retirement ages of employees who suffer from work capacity reduction; doing laborious, toxic or dangerous works; working in highly disadvantaged areas may be younger by up to 05 years than the above retirement ages, unless otherwise prescribed by law
How to determine the retirement date in Vietnam?
Pursuant to Article 3 of Decree 135/2020/ND-CP regulating the retirement date and start date for retirement benefits, specifically:
Retirement date is the last day of the month in which one reaches the full retirement age as prescribed.
If an employee continues in employment after his full retirement age as prescribed, the retirement date is the date of termination of employment
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