How much will the retirement age of Vietnamese employees increase in 2024?

How to determine the retirement time for Vietnamese employees in 2024?

Pursuant to Article 3 of the Decree 135/2020/NĐ-CP stipulating retirement date and start date for retirement benefits in Vietnam as follows:

Retirement date and start date for retirement benefits

1. 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.

2. The start date for retirement benefits is the first day of the month following the month of the retirement date.

3. If the employee's dossier does not indicate his day and month of birth, but year of birth only, January 1 of his year of birth shall be used as the basis for determining of the retirement date and start date for retirement benefits.

As regulations above, 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.

Note: If the employee's dossier does not indicate his day and month of birth, but year of birth only, January 1 of his year of birth shall be used as the basis for determining of the retirement date and start date for retirement benefits.

How much will the retirement age of Vietnamese employees increase in 2024? - Source: Internet

What are conditions for employees to enjoy retirement benefits in 2024 in Vietnam?

Pursuant to Article 54 of the Law on Social Insurance in 2014 (amended by Clause 1.a Article 219 of the Labor Code in 2019) stipulating conditions for receiving retirement pension as follows:

(1) An employee mentioned in Points a, b, c, d, g, h and i Clause 1 Article 2 of the Law on Social Insurance in 2014, except for the cases specified in Clause 3 of this, will receive retirement pension if he/she has paid social insurance for at least 20 years and:

- He/she has reached the retirement age specified in Clause 2 Article 169 of the Labor Code in 2019;

- He/she has reached the retirement age specified in Clause 3 Article 169 of the Labor Code in 2019 and has at least 15 years’ doing the laborious, toxic or dangerous works or highly laborious, toxic or dangerous works on the lists of the Ministry of Labor, War Invalids and Social Affairs; or has at least 15 years’ working in highly disadvantaged areas, including the period he/she works in areas with the region factor of at least 0,7 before January 01, 2021;

- His/her age is younger than the retirement age specified in Clause 2 Article 169 of the Labor Code in 2019 by up to 10 years and he/she has worked in coal mines for at least 15 years; or

- He/she contracted HIV due to an occupation accident during performance of his/her assigned duty.

(2) An employee mentioned in Points dd and e Clause 1 Article 2 of the Law on Social Insurance in 2014 will receive retirement pension if he/she has paid social insurance for at least 20 years and:

a) His/her age is younger than the retirement age specified in Clause 2 Article 169 of the Labor Code in 2019 by up to 05 years, unless otherwise prescribed by the Law on Military Officer of Vietnam’s Army in 1999, the Law of People’s Police in 2018, the Law on Cipher in 2011 and the Law on professional servicemen and women, national defense workers and officials in 2015;

b) His/her age is younger than the retirement age specified in Clause 3 Article 169 of the Labor Code in 2019 by up to 05 years and he/she has at least 15 years’ doing the laborious, toxic or dangerous works or highly laborious, toxic or dangerous works on the lists of the Ministry of Labor, War Invalids and Social Affairs; or has at least 15 years’ working in highly disadvantaged areas, including the period he/she works in areas with the region factor of at least 0,7 before January 01, 2021; or

c) He/she contracted HIV due to an occupation accident during performance of his/her assigned duty.

(3) A female employee that is a commune official or a part-time worker at the commune authority and has paid social insurance for 15 to under 20 years and reaches the retirement age specified in Clause 2 Article 169 of the Labor Code in 2019 will receive the retirement pension.

(4) The Government shall provide for special cases of retirement age.

How much will the retirement age of Vietnamese employees increase in 2024?

According to Article 4, Clause 1 of Decree 135/2020/NĐ-CP, the following applies:

Retirement age under normal working conditions

The retirement age of employees under normal working conditions under Clause 2, Article 169 of the Labor Code is specified as follows:

1. From January 1, 2021, the retirement age of employees under normal working conditions is 60 years and 3 months for male employees and 55 years and 4 months for female employees; after that, the retirement age for male employees will increase by 3 months each year until it reaches 62 years in 2028, and the retirement age for female employees will increase by 4 months each year until it reaches 60 years in 2035.

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Therefore, the retirement age of employees under normal working conditions in 2024 will increase by 3 months for male employees and 4 months for female employees, specifically as follows:

- For male employees: 61 years.

- For female employees: 56 years and 4 months.

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