Decree 113/2018/ND-CP: New Regulations on Early Retirement

All regulations to know about early retirement benefits in 2018

Files for processing early retirement benefits

The policy on early retirement has been amended and supplemented by Decree 113 to be suitable with practical circumstances and the streamlining policy, with some noteworthy new points as follows:

First, for men aged between 50 and 53, and women aged between 45 and 48, who have paid social insurance (SI) premiums for 20 years or more, of which 15 years were in heavy, hazardous, or dangerous occupations, or in areas with a regional allowance coefficient of 0.7 or higher, apart from enjoying pension as stipulated by SI laws, the following policies are also applicable:

- The retirement pension rate is not reduced due to early retirement;- A lump-sum allowance of 03 months' salary for each year of early retirement before the minimum age regulation;- An allowance of 05 months' salary for the first twenty years of service with SI contribution. From the 21st year onward, each year of service with SI contribution will receive an allowance of 1/2 month's salary.

Second, for men aged between 55 and 58, and women aged between 50 and 53, who have paid SI premiums for 20 years or more, they will enjoy pensions as stipulated by SI laws and policies specified in points a, c, clause 1, Article 8, Decree 113, and a lump-sum allowance of 03 months' salary for each year of early retirement.

Third, for men aged over 53 but under 55, and women aged over 48 but under 50, who have paid SI premiums for 20 years or more, including 15 years in heavy, hazardous, or dangerous occupations, or in areas with a regional allowance coefficient of 0.7 or higher, will enjoy pensions as stipulated by SI laws and not have the retirement pension rate reduced due to early retirement.

Fourth, for men aged over 58 but under 60, and women aged over 53 but under 55, who have paid SI premiums for 20 years or more, they will enjoy pensions as stipulated by SI laws and not have the retirement pension rate reduced due to early retirement.

Decree 113/2018/ND-CP takes effect from October 15, 2018.

- Thanh Lam -

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE