Hello lawyer, I am 55 years old, currently working at a traditional footwear manufacturing company. I want to retire early to take care of my grandchildren. I am learning about the retirement age of employees, I have a question that under normal working conditions, when the retirement age is reached, I will be able to retire. So, please help me about the retirement age in accordance with current Vietnamese law? I sincerely thank!
Thank you for sending your question to Lawyer X. In the article below, we will answer your questions. Hope this article brings a lot of useful things to you.
Legal grounds
Labor Code 2019
Decree 135/2020/ND-CP
What is the retirement age in accordance with the current Labor Code?
Pursuant to Article 169 of the 2019 Labor Code, the retirement age is as follows:
- Employees who satisfy the conditions for the time of payment of social insurance premiums as prescribed by the law on social insurance are entitled to a pension when they reach full retirement age.
- The employee’s retirement age under normal working conditions is adjusted according to the roadmap until he reaches the age of 62 for male employees in 2028 and full 60 years for female employees in 2035.
From 2021, the retirement age of employees under normal working conditions is full 60 years and 03 months for male employees and full 55 years and 04 months for female employees; after that, every year increases by 03 months for male employees and 04 months for female employees.
- The employee has reduced working capacity; doing particularly heavy, hazardous or dangerous occupations or jobs; doing heavy, hazardous or dangerous occupations or jobs; working in areas with extremely difficult socio-economic conditions may retire at a lower age but not exceeding 05 years of age as prescribed in Clause 2 of this Article at the time of retirement, unless otherwise provided for by law other rule.
- Employees with high professional and technical qualifications and in some special cases may retire at an age higher than 5 years old but not exceeding the age specified in Clause 2 of this Article at the time of retirement, except unless otherwise provided by law.
- The Government shall detail this Article.
Retirement age for female employees under normal working conditions:
- In 2021: Full 55 years old 4 months
- In 2022: Full 55 years and 8 months
- In 2023: Full 56 years old
- Year 2024: Full 56 years old 4 months
- 2025: Full 56 years and 8 months
- In 2026: Full 57 years old
- Year 2027: Full 57 years old 4 months
- Year 2028: Full 57 years and 8 months
- In 2029: Full 58 years old
- In 2030: Full 58 years old 4 months
- Year 2031: Full 58 years and 8 months
- In 2032: Full 59 years old
- Year 2033: Full age 59 years and 4 months
- Year 2034: Full 59 years old 8 months + From 2035 onwards: Full 60 years old.
Retirement age for male employees under normal working conditions
- In 2021: Full 60 years old 3 months
- In 2022: Full 60 years and 6 months
- In 2023: Full 60 years old 9 months
- In 2024: Full 61 years old
- 2025: Full 61 years old 3 months
- Year 2026: Full 61 years and 6 months
- Year 2027: Full 61 years old 9 months+ From 2028 onwards: Full 62 years old.
Is it possible to retire before retirement age?
Although not yet reaching retirement age, many employees are still entitled to monthly pension benefits. However, in order to retire before retirement age, an employee must meet the following conditions:
Pursuant to Article 219 of the Labor Code in 2019, amending and supplementing Article 54 and Article 55 of the Law on Social Insurance (social insurance) 2014, an employee is entitled to early retirement if he/she fully meets the following conditions:
– Having paid social insurance premiums for full 20 years or more.
– Having one of the following conditions:
Retirement 05 years earlier than the prescribed age
If in one of the following cases:
Having full 15 years of working in heavy, hazardous or dangerous occupations or jobs.
Having full 15 years of working, particularly heavy, hazardous and dangerous jobs.
Having full 15 years of working in extremely difficult areas, including working time in a place with a regional allowance coefficient of 0.7 or more before January 1, 2021.
Having a working capacity decreased from 61% to less than 81%.
Employees are officers and professional soldiers of the People’s Army; officers, professional non-commissioned officers, officers and technical non-commissioned officers of the People’s Public Security; People who do cipher work are paid the same salary as military personnel.
The employees are non-commissioned officers and soldiers of the People’s Army; non-commissioned officers and soldiers of the People’s Public Security who serve definite-term; Military, police and cipher students who are studying are entitled to living expenses.
Retirement 10 years earlier than the prescribed age
Having 15 years of working as coal mining in underground mines.
The employee has a working capacity decrease of 81% or more.
Police officers and soldiers have full 15 years of working in heavy, hazardous or dangerous occupations or jobs, or particularly heavy, hazardous or dangerous jobs or full 15 years of working in extremely difficult areas, including working time in extremely difficult areas working time at a place with a regional allowance of 0.7 or more before January 1, 2021.
If in one of the cases
Retirement forever regardless of age
If in one of the following cases:
Persons infected with HIV due to occupational accidents while performing assigned tasks.
The employees have full 15 years or more of working in particularly heavy, hazardous and dangerous occupations and jobs and have a working capacity decrease of 61% or more.
What are the benefits of early retirement under the payroll reduction regime?
When an individual is subject to the payroll streamlining regime and is eligible for early retirement, the percentage will not be deducted when calculating the monthly pension. Cadres, civil servants and public employees who retire before the minimum age for each year will be entitled to a 3-month salary allowance for each year.
Individuals who are entitled to the retirement regime with a subsidy of 5 months’ salary for the first 20 years calculated according to the number of years that the individual signs a labor contract, then after the 21st year onwards, having paid social insurance premiums, they will enjoy an additional 1 /2 months salary.
The monthly pension enjoyment of those who are eligible for pension shall be calculated as a pension equal to 45% of the average salary of the months of payment of social insurance contributions for female employees from 2018 onwards. first year. As for male employees, in 2019 corresponds to the first 17 years, then one more year after that from 2020, 20 years will be counted as the first 40 years of paying social insurance premiums.
From January 1, 2018, the monthly pension of employees who fully meet the conditions specified in Article 54 of this Law is equal to 45% of the average monthly salary on which social insurance premiums are based as prescribed in Article 62 of this Law. This Law and corresponding number of years of paying social insurance premiums are as follows:
- Male employees will retire for 16 years in 2018; 17 years in 2019; 18 years in 2020; 19 years in 2021; 20 years from 2022 onward;
- Female employees who retire from 2018 onwards is 15 years.
After that, for every additional year, employees who are eligible for pension will be charged an additional 2%; the maximum amount allowed by law to enjoy is equal to 75% of the monthly salary for pension enjoyment.
Services of LSX
Prestigious professional services: Firstly, the team of consultants and consultants for many years in the field of civil status, and customer support.
On-time: Certainly, with the motto “Get your lawyer right at your fingertips”, we ensure the service always performs on time. The rights and interests of customers always come first.
Cost: Besides, LSX’s service costs are highly competitive; depending on the nature of the particular case. So, we want our guests to have the best possible service experience. Therefore, costs which guaranteed to be the most suitable and economical for customers.
Confidentiality of client information: Finally, all brand information of client LSX will be 100% confidential.
Please contact us immediately if you have any questions about “Retirement age in accordance with current Vietnamese law”
Contact LSX
Finally, hopefully the information in the article will provide helpful information for readers and help you solve the problem “Retirement age in accordance with current Vietnamese law” At the same time, LSX Law firm always has leading lawyers and legal consultants who will help you in legal matters of life. If you have any need, please get in touch with us via hotline: +84846175333 or Email: [email protected]
Please see more
- Retirement age in accordance with current Vietnamese law
- Cases of extending the retirement age in Vietnam
- New adjustments on the level of retirement pensions, social insurance allowances, and monthly allowances in Viet Nam Social Insurance
Frequently asked questions
In case the employee is eligible to enjoy the retirement regime, the basic pension level is calculated as follows:
Monthly pension = Average salary on which social insurance premiums are based x Rate of pension enjoyment
In your case, the employee has reached the retirement age but has not had enough years to participate in the social insurance, so your agency cannot let the employee quit according to the provisions of Clause 4, Article 36 of the Labor Code
Conclusion: So the above is Retirement age in accordance with current Vietnamese law. Hopefully with this article can help you in life, please always follow and read our good articles on the website: lsxlawfirm.com
