Conditions for early retirement from July 20, 2023 in Vietnam

Conditions for early retirement from July 20, 2023 in Vietnam (Internet image)

Conditions for early retirement from July 20, 2023 in Vietnam

(1) Persons subject to downsizing who are 02-05 years younger than the retirement age specified in Appendix II issued together with Decree 135/2020/ND-CP; have full 20 years of paying compulsory social insurance including full 15 years of working in heavy, hazardous or dangerous occupations or jobs or particularly heavy, toxic or dangerous jobs on the list promulgated by the Ministry of Labor, War Invalids and Social Affairs; or have full 15 years or more working in areas with extremely difficult socio-economic conditions as promulgated by the Ministry of Labor, War Invalids and Social Affairs including working time in a place with a regional allowance coefficient of 0.7 or more before January 1, 2021, in addition to enjoying the retirement regime as prescribed by the law on social insurance, they are also entitled to the following regimes:

- No deduction of the pension rate due to early retirement;

- Receive a subsidy of 03 months of average salary for each year of retirement before the retirement age specified in Appendix II issued together with Decree 135/2020/ND-CP;

- Receive a subsidy of 5 months' average salary for the first twenty years of work, with full payment of compulsory social insurance. From the twenty-first year onwards, for every working year with compulsory social insurance payment, a subsidy of 1/2 month's salary will be provided.

(2) Persons subject to downsizing who are 02-05 years younger than the retirement age specified in Appendix I issued together with Decree 135/2020/ND-CP; having paid compulsory social insurance premiums for full 20 years or more, they are entitled to pensions as prescribed in Article 54 of the Law on Social Insurance 2014 (amended and supplemented in 2019); In addition to enjoying the retirement regime as prescribed by the law on social insurance, they are also entitled to the following regimes:

- To be subsidized for 03 months of average salary for each year of retirement before the retirement age specified in Appendix I issued with Decree 135/2020/ND-CP;

- No deduction of the pension rate due to early retirement;

- Receive a subsidy of 5 months of average salary for the first twenty years of work, with full payment of compulsory social insurance. From the twenty-first year onwards, for every working year with compulsory social insurance payment, a subsidy of 1/2 month's salary will be provided.

(3) Subjects of downsizing have a minimum age of 02 years lower than the retirement age specified in Appendix II issued together with Decree 135/2020/ND-CP; have full 20 years of paying compulsory social insurance premiums, including full 15 years of working in heavy, hazardous or dangerous occupations or jobs or particularly heavy, toxic or dangerous jobs on the list promulgated by the Ministry of Labor, War Invalids and Social Affairs; or have full 15 years of working in areas with extremely difficult socio-economic conditions as promulgated by the Ministry of Labor, War Invalids and Social Affairs including working time in a place with a regional allowance coefficient of 0.7 or more before January 1, 2021 are entitled to the retirement regime in accordance with the law on social insurance and shall not be deducted the pension rate due to early retirement.

(4) Subjects of downsizing who have a minimum age of 02 years lower than the retirement age specified in Appendix I issued together with Decree 135/2020/ND-CP; have a full 20 years of paying compulsory social insurance premiums (for female cadres and civil servants at commune level, they have a full 15 years of paying compulsory social insurance premiums or more) are entitled to the retirement regime in accordance with the law on social insurance and shall not be deducted from the pension rate due to early retirement.

(5) Subjects of downsizing who are female cadres and civil servants at commune level whose age is 02-05 years younger than the retirement age  the retirement age specified in Appendix I promulgated together with Decree 135/2020/ND-CP that have full 15 years to less than 20 years of paying compulsory social insurance. In addition to enjoying the retirement regime as prescribed by the law on social insurance, they are also entitled to the following benefits:

- No deduction of the pension rate due to early retirement;

- Receive a subsidy of 05 months' average salary;

- Receive a subsidy of 03 months of average salary for each year of retirement before the retirement age specified in Appendix I issued together with Decree 135/2020/ND-CP.

(Article 5 of Decree 29/2023/ND-CP)

Decree 29/2023/ND-CP takes effect from July 20, 2023. The regimes and policies specified in Decree 29/2023/ND-CP will be applied until the end of December 31, 2030.

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