Ministry of Labor, War Invalids and Social Affairs proposes 2 options to increase retirement age

At the online exchange on social insurance policy, Deputy Minister of Labor, Invalids and Social Affairs Doan Mau Diep said that by 2035, the number of people entering working age will be only 1.2 times the number of people leaving working age. Therefore, if the retirement age is not adjusted, Vietnam will face a labor shortage.

Adjusting the retirement age requires a long-term vision but must be done early.

Recently, Resolution 28 of the 7th Conference of the 12th Party Central Committee on reforming social insurance policies also determined to adjust the retirement age according to the roadmap, starting from 2021.

Based on the roadmap, the plan to increase the retirement age will be included by the Ministry of Labor, Invalids and Social Affairs in the content of the project to amend the 2012 Labor Code and will be submitted by the Government to the National Assembly in 2019.

There are two proposed options. Option 1: From 2021, the retirement age will be adjusted, increasing by 3 months each year for men until they reach age 62, and by 6 months each year for women until they reach age 60.

Thus, the retirement age for men will reach 62 in 2028 and for women will reach 60 in 2030.

Option 2: From 2021, the retirement age will be adjusted, increasing by 3 months each year for men until they reach age 62, and by 4 months each year for women until they reach age 60. The retirement age for men will reach age 62 in 2028 and for women will reach age 60 in 2035.

According to Deputy Minister of Labor, Invalids and Social Affairs Doan Mau Diep, the above-mentioned age increase is applied to those working in normal conditions. For those working in heavy, toxic, dangerous jobs, people with reduced working capacity, etc., the policy of early retirement, or early retirement compared to the above-mentioned age, will continue to be implemented.