Applying a new retirement age
The 2019 Labor Code clearly states that the retirement age of workers in normal conditions increases from 60 to 62 years old for men, and from 55 to 60 years old for women. From 2021, it increases by 3 months each year for men and 4 months for women until men reach 62 years old in 2028 and women reach 60 years old in 2035.
Thus, in 2026, male workers retire at the age of 61 and 6 months, while female workers are 57 years old. The time to receive a pension is the first day of the month immediately after retirement.
Employees working in normal conditions receive a pension if they meet 2 conditions: paying social insurance for 15 years or more and reaching retirement age, which is a minimum reduction of 5 years compared to current regulations.
For female workers, the pension is equal to 45% of the average salary used as the basis for social insurance contributions, corresponding to 15 years of contribution.
As for male workers, pensions are equal to 45% of the average salary used as the basis for social insurance contributions, corresponding to 20 years of contribution (if contributing for 15 years, calculate 40%, each additional year of contribution adds 1%).
After that, employees who pay additional social insurance are given an additional 2%/year rate, but a maximum of 75%.
For people working under the state-regulated salary regime, people who paid from January 1, 2007 to December 31, 2025 will calculate the average monthly salary for social insurance contributions for the last 10 years before retirement.
In addition, pensions will be adjusted based on the increase in the consumer price index (CPI), the capacity of the state budget and the social insurance fund. Especially, appropriate adjustments are made for people with low pensions or retired before 1995.
Early retirement
The social insurance agency notes that if the minimum number of years of contribution is ensured (15 years), some cases are eligible for early retirement.
Including workers doing heavy, hazardous, dangerous jobs or working in areas with particularly difficult socio-economic conditions.
If they have 15 years or more of compulsory social insurance contributions when doing the above jobs (including working time in places with regional allowances with a coefficient of 0.7 or more before January 1, 2021), they are entitled to retire early, but not more than 5 years compared to people working in normal conditions.
For coal miners in underground mines, if they have 15 years or more of working in this field, they can retire at a maximum of 10 years younger than those working in normal conditions.
Officers, professional soldiers, People's Police and some other special subjects when resigning, paying compulsory social insurance for 15 years or more can retire early but for a maximum of 5 years, unless otherwise regulated.
People infected with HIV/AIDS due to occupational accidents are entitled to pensions when paying compulsory social insurance for 15 years or more, regardless of age conditions.
