Clause 2, Article 169 of the Labor Code stipulates that the retirement age under normal working conditions will increase gradually according to the roadmap.
Accordingly, from 2021, each year the retirement age will increase by 3 months for men and 4 months for women. By 2028, men will retire at the age of 62, and women will retire at the age of 60.
Article 66 of the Law on Social Insurance (SI) 2024 clearly stipulates that people who retire early due to reduced working capacity (as stipulated in Article 65) will have their pension deducted by 2% for each year of early retirement. If you retire before the age of less than 6 months, it will not be reduced, retirement from 6 to less than 12 months will be reduced by 1%.
However, some workers can still retire 5 to 10 years earlier than the above roadmap.
Employees who meet the conditions for early retirement according to Article 64 of the Social Insurance Law 2024 will not have their pension deducted, even if they retire early. In addition, cadres, civil servants, public employees and workers under contracts at agencies, organizations and armed forces who are subject to restructuring the apparatus and administrative units can retire up to 10 years early compared to the prescribed age.
According to Decree 178/2024, those approved by competent authorities for early retirement due to organizational arrangement will receive additional support such as one-time pension benefits, benefits based on the number of years of early retirement and benefits calculated based on the working period with compulsory social insurance contributions...
Thus, not all people who retire early will have their pensions reduced. Employees need to clearly understand the regulations in the Social Insurance Law 2024 and Decree 178/2024/ND-CP to ensure maximum benefits when retiring early.
