As per the regulations, from January 1, 2021, the retirement age for employees in normal working conditions is 60 years and 3 months for male workers and 55 years and 4 months for female workers.
Thereafter, the retirement age will increase by 3 months each year for male workers until it reaches 62 years in 2028, and by 4 months each year for female workers until it reaches 60 years in 2035.
Therefore, the retirement age for employees in normal working conditions in 2024 is: 61 years for male workers and 56 years and 4 months for female workers.
If an employee retires before these age milestones for each year, it is considered early retirement and will result in a reduction in the pension benefit.
Specifically, according to Article 54 of the 2014 Social Insurance Law, most cases of early retirement will result in a 2% reduction in benefits for each year of early retirement.
However, there are some cases where employees will not face a pension reduction if they retire early.
For officers, civil servants, and public employees
According to the regulations, officers, civil servants, and public employees who retire early will not face a pension reduction if they fall under the five cases of personnel streamlining, including:
The streamlined personnel are up to 5 years younger and a minimum of 2 years younger than the lowest retirement age prescribed and have at least 20 years of compulsory social insurance participation, including at least 15 years in heavy, toxic, dangerous, or especially heavy, toxic, and dangerous occupations as stipulated by the Ministry of Labour, Invalids and Social Affairs, or at least 15 years working in areas with particularly difficult socio-economic conditions as stipulated by the Ministry of Labour, Invalids and Social Affairs, including the time working in places with a regional allowance coefficient of 0.7 or higher before January 1, 2021.
There are some cases where officers, civil servants, and public employees can retire early without a reduction in benefits (Photo: VGP)
Streamlined personnel who are up to 5 years younger and a minimum of 2 years younger than the retirement age in normal working conditions as prescribed, and who have at least 20 years of compulsory social insurance participation, shall be entitled to retirement benefits as prescribed.
Streamlined personnel who are a minimum of 2 years younger than the lowest retirement age and have at least 20 years of compulsory social insurance participation, including at least 15 years in heavy, toxic, dangerous, or especially heavy, toxic, and dangerous occupations as stipulated by the Ministry of Labour, Invalids and Social Affairs, or at least 15 years working in areas with particularly difficult socio-economic conditions as stipulated by the Ministry of Labour, Invalids and Social Affairs, including the time working in places with a regional allowance coefficient of 0.7 or higher before January 1, 2021.
Streamlined personnel who are a minimum of 2 years younger than the retirement age in normal working conditions and have at least 20 years of compulsory social insurance participation (for female commune-level officials, at least 15 years of compulsory social insurance participation).
Streamlined personnel who are female commune-level officials and are up to 5 years younger and a minimum of 2 years younger than the retirement age in normal working conditions, and who have between 15 and 20 years of compulsory social insurance participation.
For employees
Based on Article 54 of the 2014 Social Insurance Law (amended by Point a, Clause 1, Article 219 of the 2019 Labor Code), cases of early retirement without a reduction in pension benefits include:
Having at least 15 years of work experience in regions with particularly difficult economic conditions, including the time working in places with a regional allowance coefficient of 0.7 or higher before January 1, 2021.
Being up to 10 years younger than the prescribed retirement age and having at least 15 years of experience in coal mining in underground mines.
Being infected with HIV due to occupational risks while performing assigned tasks.
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