Gov't specifies retirement ages, applicable since 2021

The Government has promulgated Decree No. 135/2020/ND-CP providing for retirement ages, applicable since January 1, 2021 following the approval of the revised Labor Code by the National Assembly last year.

Accordingly, retirement age shall be increased to 60 years and three months for men and 55 years and four months for women in 2021.

In the subsequent years, the retirement age shall be increased by three months per year for men and four months for women.

The male retirement age will be gradually increased from 60 to 62 by 2028, while the female retirement will increase from 55 to 60 by 2035.

Workers however may retire sooner or later depending on circumstances. People working in dangerous environments or doing heavy lifting can retire sooner, while ones who work in the private sector or in highly-skilled jobs can retire later, the maximum extension will be five years.

Viet Nam’s current population was around 96.2 million last year and may rise to 97.3 million in 2020 according to the General Statistics Office.

The country’s population rose by one million per year within the period 2010-2017, said the International Labor Organization.

Like many countries in Asia, Viet Nam face a dual trend that encompasses a still young population together with population aging, which may reflect the challenge of “getting old before getting rich”.

The gradual retirement age extension is aimed at preventing abrupt interruptions in the labor market and maintaining political and social stability. It also aligns with Vietnamese workers’ health and life expectancy.

The average life expectancy of Vietnamese people has increased from 59 in 1960 to 73 in 2014 and over 75 in 2018./.

(Source:VGP)