This is a notable provision outlined in the Draft Labor Code (amended) currently being developed by the Ministry of Labor, Invalids, and Social Affairs.
Article table of contents
The content of the Draft Labor Code (amended) presents 02 options regarding the retirement age of workers, specifically:
- Option 1: From January 1, 2021, the retirement age for workers in normal working conditions will be 60 years and 03 months for men and 55 years and 04 months for women; subsequently, each year an additional 03 months will be added for men and 04 months for women until the age of 62 for men and 60 for women is reached.
- Option 2: From January 1, 2021, the retirement age for workers in normal working conditions will be 60 years and 04 months for men and 55 years and 06 months for women; subsequently, each year an additional 04 months will be added for men and 06 months for women until the age of 62 for men and 60 for women is reached.
It can be seen that compared to option 2, option 1 stipulates the retirement age starting from 2021 and the annual increment in retirement age is lower. However, both options propose the same retirement age limit, which is 62 years for men and 60 years for women.
Thus, the Draft Labor Code (amended) has stipulated an increase in retirement age for both genders, with an increase of 2 years for men (current regulation sets the retirement age for men at 60 years) and an increase of 5 years for women (current regulation sets the retirement age for women at 55 years).
See the detailed content at Article 170 of the Draft Labor Code (amended) expected to take effect from 2021.
Duy Thinh
