Retirement age to increase next year

Starting from next year, the retirement age will be increased to 60 years and three months for men and 55 years and four months for women in normal working conditions.

Roadmap for retirement ages. Infographics news.chinhphu.vn

According to decree coded 155/2020/ND-CP issued by Prime Minister Nguyen Xuan Phuc, since January 1, 2021, the retirement age of male employees will be increased by three months each year till 62 years of age reached in 2028. Meanwhile, the retirement age of female workers will be risen by four months each year till 60 years of age reached in 2035.
Workers who acquire at least 15 years' taking up arduous, toxic, dangerous, or extremely arduous, toxic, dangerous, jobs or occupations specified in the classification list issued by the Ministry of Labour, War Invalids and Social Affairs, may retire at the lower retiring age which is not five years higher than the above-stated retirement age.
Those qualified for early retirement are people who suffer from working capacity decrease of 61 per cent or more or who acquire at least 15 years’ working in extremely difficult socio-economic regions, including the period of time of working at the places assigned the regional benefit coefficient of 0.7 or more, by January 1, 2021.
The decree stipulates that employees who continue to work after reaching the prescribed retirement age, will start the retirement when the labour contracts end.
Retirees will benefit from retirement regimes starting from the first day of the month following the time of retirement.