How will the regulations on retirement age and pension increase in 2023?

Reply:

In 2023, the policy on retirement age and pension for cadres, civil servants, public employees and workers is stipulated as follows:

1. In 2023, continue to increase the retirement age of workers

According to the provisions of Article 169 of the 2019 Labor Code and Decree 135/2020/ND-CP, the retirement age of employees will be adjusted to increase gradually until men reach 62 years old in 2028 and women reach 60 years old in 2035.

2023 is the third year of implementing the adjustment to increase the retirement age of workers.

Accordingly, the retirement age will increase by 03 months for men and 04 months for women.

If youworkUnder normal conditions, the retirement age in 2023 is as follows:

- For men, it is from 60 years and 9 months. For example: Male workers born in July 1962 will retire in May 2023.

- For women, it is from 56 years old. For example: Female workers born in May 1967 will retire in June 2023.

This is the retirement age under normal working conditions. There are still cases where workers can retire 5 years or even 10 years earlier.

For example, workers with reduced working capacity; working in particularly arduous, toxic, or dangerous jobs; or working in particularly difficult areas can retire at an age up to 5 years younger.

(That is, 55 years and 9 months for men and 51 years old for women)

Distributing pensions to people in Vinh city. Photo: Diep Thanh

2. Increase pension by 12.5% ​​from July 1, 2023

The National Assembly passed a Resolution on the 2023 state budget estimate.

In addition to increasing the basic salary to 1.8 million VND/month, there will also be a 12.5% ​​increase in pensions and social insurance benefits for beneficiaries guaranteed by the state budget, and additional support for those who retired before 1995 with low benefits.

In 2022, although the basic salary did not increase, many subjects received an additional 7.4% increase in pension and social insurance benefits according to Decree 108/2021/ND-CP.

Details on which subjects will receive a pension increase in 2023 will be provided by the Government.

3. Minimum pension level increased from July 1, 2023

Currently, the lowest monthly pension for employees participating in compulsory social insurance who are eligible for pension will be equal tosalaryfacility (Clause 5, Article 56, Law on Social Insurance 2014).

Due to the adjustment of the basic salary in 2023, the minimum pension level will increase from VND 1,490,000/month to VND 1,800,000/month from July 1, 2023.