Vietnam: To determine the age entitled to early retirement benefit according to Decree 143/2020

Vietnam: To determine the age entitled to early retirement benefit according to Decree 143/2020
Bảo Ngọc

On August 24, 2021, the Ministry of Home Affairs of Vietnam issued Official Dispatch 4126/BNV-TCBC on determining the age entitled to early retirement benefit for cases subject to downsizing.

According to Vietnam's Official Dispatch 4126/BNV-TCBC, the subjects of downsizing have the following: retirement age under normal working conditions is at most 5 years lower than the retirement age of the year of downsizing as prescribed in Clause 2, Article 4 of Vietnam's Decree 135/2020/ND-CP; 20 years of paying social insurance premiums or more, depending on the specific case, they will be entitled to the early retirement policy according to Clause 2, Article 1 of Vietnam's Decree 143/2020/ND-CP.

Subjects of downsizing have: a retirement age that is lower than the retirement age under normal working conditions, and the age is at most 5 years lower than the retirement age of the year in which the downsizing is performed as prescribed in Clause 1 of Article 5 of Vietnam's Decree 135/2020/ND-CP; 20 years of paying social insurance premiums or more (in which if they have a full 15 years of working in heavy, hazardous, or dangerous occupations or jobs, or particularly heavy, toxic, or dangerous jobs; or a full 15 years of working in an area with extremely difficult socio-economic conditions, they are entitled to the policy of early retirement according to Clause 2, Article 1 of Vietnam's Decree 143/2020/ND-CP.)

Vietnam's Official Dispatch 4126/BNV-TCBC dated August 24, 2021

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