Vietnam’s Government officially issued Decree No. 143/2020/NĐ-CP amending the downsizing policies

Le Hai

15:00, 14/12/2020

Recently, the Government of Vietnam has issued the Decree No. 143/2020/NĐ-CP amending and supplementing some articles of the Decree No. 108/2014/NĐ-CP and Decree No. 113/2018/NĐ-CP on downsizing policies.

The Decree No. 143/2020/NĐ-CP of Vietnam’s Government has amended early retirement policies as follows:

Displaced employees having at least 5 years old and at least 2 years younger than the minimum retirement age specified in Clause 3 Article 169 of the Labor Code of Vietnam, paying social insurance premiums for at least 20 years and working in heavy, dangerous or hazardous industries on the list jointly released by the Ministry of Labor, War Invalids and Social Affairs and Ministry of Health for at least 15 years; or working for in areas having region-based allowances of at least 0.7 for at least 15 years shall benefit from the following welfares, besides pension policies under laws on social insurance:

- Do not have pensions deducted due to early retirement;

- Receive 03-month salary for each early retirement year compared to provisions on the minimum age requirement of Clause 3 Article 169 of the Labor Code of Vietnam;

- Receive 05-month salary for the first 20 working years with full 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.

View more details at the Decree No. 143/2020/NĐ-CP of Vietnam’s Government, effective from December 10, 2020.

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