Mr. Hoang Van Manh is a civil servant, 46 years old, and has paid social insurance for 26 years and 5 months. Mr. Manh asked: "If I want to retire early, how much will I receive?"
The above question is also a common question of many teachers working in the education sector when they intend to retire early compared to the prescribed age.
Vietnam Social Security responded to this issue on the Government Electronic Information Portal as follows:
Conditions for receiving pension
According to current regulations, Article 169, Clause 1, Article 219 of the 2019 Labor Code and Decree No. 135/2020/ND-CP dated November 18, 2020 of the Government stipulate: From January 1, 2021, the retirement age for male employees working under normal conditions will be adjusted according to the roadmap of increasing by 3 months each year until reaching the age of 62 in 2028, specifically as follows:
- The retirement age of employees who have paid social insurance for 20 years in normal working conditions is 60 years and 3 months for male employees. After that, it increases by 3 months each year for male employees until reaching 62 years old in 2028.
- Employees can retire no more than 5 years younger than the retirement age of employees working in normal working conditions if they have paid social insurance for 20 years or more and fall into one of the following cases:
+ Employees who have worked for 15 years or more in a arduous, toxic, or especially arduous, toxic, or dangerous occupation or job on the list issued by the Ministry of Labor, War Invalids and Social Affairs;
+ Employees who have worked for 15 years or more in areas with particularly difficult socio-economic conditions (including working time in areas with regional allowance coefficient of 0.7 or higher before January 1, 2021);
+ Workers with reduced working capacity of 61% or more;
+ Employees with a total working time of arduous, hazardous or especially arduous, hazardous or hazardous work and working time in areas with particularly difficult socio-economic conditions (including working time in areas with regional allowance coefficient of 0.7 or higher before January 1, 2021) of 15 years or more.
- Employees can retire up to 10 years younger than the retirement age under normal working conditions at the time of retirement, if they meet one of the following conditions:
+ In 20 years of paying social insurance, there are 15 years of working in underground coal mining;
+ Have paid social insurance for 20 years and have a reduced working capacity of 81% or more.
- Employees who have paid social insurance for 20 years and are infected with HIV/AIDS due to occupational accidents or have a labor capacity reduction of 61% or more and have 15 years of working in a particularly arduous or hazardous occupation or job on the list issued by the Ministry of Labor, War Invalids and Social Affairs, there is no age limit.
Monthly pension
Article 56 of the 2014 Law on Social Insurance and Article 7 of Decree No. 115/2015/ND-CP dated November 11, 2015 of the Government stipulates that the monthly pension of employees is calculated by multiplying the monthly pension rate by the average monthly salary for social insurance contributions, in which:
- The pension rate for male workers retiring from 2022 onwards is calculated at 45% of the average monthly salary for social insurance contributions corresponding to 20 years of social insurance contributions. Then, for each additional year of social insurance contributions, an additional 2% is calculated, up to a maximum of 75% of the average monthly salary for social insurance contributions;
- In case an employee retires early due to reduced working capacity, the salary will be reduced by 2% for each year of early retirement.
Because the information provided by Mr. Manh does not determine his early retirement conditions (job title recorded in the social insurance book, health status, working conditions, exact date of birth, time of benefit...), Vietnam Social Insurance provides general information about the policy regulations related to the content he asked. From there, he can understand and compare it with his own case.
