The Saigon Times
HCMC - The Government has issued Decree No. 135/2020/ND-CP on the retirement age, which will take effect on January 1, 2021, following the approval of the revised Labor Code by the National Assembly last year, the Government’s news site reported.
According to the new decree, the retirement age will be increased to 60 years and three months for men and 55 years and four months for women in 2021.
After 2021, the retirement age will be increased by three months per year for men and four months per year for women. Accordingly, the male retirement age will be raised to 62 by 2028, while the female retirement age will increase to 60 by 2035.
The decree also allows laborers to retire no more than five years sooner or later than the standard retirement age depending on their circumstances following articles 3 and 4, clause 169 of the Labor Code.
People who work for 15 years or longer in toxic or dangerous environments according to the regulations of the Ministry of Labor, Invalids and Social Affairs and people working in especially underprivileged regions are allowed to retire sooner than the standard retirement age.
Meanwhile, highly-skilled workers or people who work in the private sector can retire later based on the negotiations and agreements between the laborers and the employers.
Vietnam’s population was around 96.2 million last year and is estimated at 97.3 million this year. The average life expectancy of Vietnamese people has increased from 59 in 1960 to 73 in 2014 and over 75 in 2018.
The adjustments in the retirement age aim to restrict interruptions in the labor market and align with Vietnamese laborers’ health and life expectancies.
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