Increase the Pension Deduction Rate for Officials, Public Employees, and Employees Retiring Before the Prescribed Age

21:31, 10/07/2024

This is one of the notable contents in Resolution 28-NQ/TW on the reform of social insurance policies, promulgated on May 23, 2018.

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To be specific, according to section III.6 of this Resolution, in order to address the current unreasonable aspects of pension insurance policies in a more flexible manner regarding conditions for receiving pension, more stringent regulations governing the receipt of lump-sum social insurance benefits, increasing the actual average retirement age of workers, upcoming amendments will revise the regulations to encourage workers to participate in social insurance for longer periods, gradually increase the average retirement age, increase the reduction ratio of pensions for workers wishing to receive early pension.

Additionally, according to Resolution 28, from the year 2021, retirement age adjustments will be carried out with the objective of increasing the overall retirement age gradually, closing the gender gap in retirement age regulations; for specific sectors, workers will have the right to retire early or up to 5 years later than the general retirement age.

Resolution 28-NQ/TW took effect on May 23, 2018.

Nguyen Trinh

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