From 2021, the retirement age for men will increase by 3 months each year, for women will increase by 4 months until men reach 62 years old in 2028 and women reach 60 years old in 2035.
Thus, by 2026, the retirement age for male workers will be 61 years and 6 months, and for female workers will be 57 years old.
Vietnam Social Security notes that the pension is received on the first day of the month following the retirement date.
According to the new Law on Social Insurance effective from July 1, 2025, employees working under normal conditions are entitled to receive pensions when meeting two conditions:
Pay social insurance for 15 years or more (down 5 years compared to the previous regulations).
enter retirement age according to the roadmap.
How to calculate pensions for female workers
For female workers, the monthly pension is equal to 45% of the average salary used as the basis for social insurance contributions, corresponding to 15 years of contributions.
After that, each additional year of contribution is added at 2%, the maximum rate does not exceed 75%.
How to calculate pensions for male workers
For male workers, the pension is equal to 45% of the average salary used as the basis for social insurance contributions when having paid for 20 years.
If you only pay for 15 years, the benefit rate is 40%.
From the 16th year to under 20 years, each additional year of contribution is added by 1% until reaching 45%.
From the 20th year onwards, each additional year of contribution will be added by 2%, the maximum level will not exceed 75%.
How to calculate the average salary for State salary recipients
For those working under the salary regime prescribed by the State, if participating in social insurance contributions in the period from January 1 to December 31, 2025, the average salary used as the basis for calculating pensions is determined to be the average of the last 10 years before retirement.
To be compensated to be eligible for pension
Employees working under normal conditions, who are old enough to retire but have only paid from 14 years and 6 months to less than 15 years of social insurance, are still under 6 months, and are entitled to compensation at one time for the remaining months to be eligible for pension.
The compensation payment rate is 22.2% of salary/month, equivalent to the total contribution rate of employees and employers to the Pension and Death Fund.
Life expectancy increases, pension benefits are at an average level
According to the Statistics Office, in 2024, the average life expectancy of Vietnamese people will reach 74.7 years, of which:
Men: 72.3 years old
Women: 77.3 years old
The current average pension is nearly 7 million VND/month (including the armed forces). If only counting the civil sector, the average is about 6.2 million VND/month, an increase mainly due to adjustments to the basic salary and minimum wage.
Currently, the whole country has nearly 3.4 million people receiving monthly pensions and social insurance benefits. Although Vietnam's pension rate is among the highest in Southeast Asia (maximum 75%), the actual salary received is still in the average group, due to low insurance income.
