Conditions for people born in 1975 to receive pension

Mr. Pham Duc Hoa was born in February 1975, is an official working in normal working conditions, participated in Compulsory social insurance from 2002 to 2023.

Mr. Hoa wants to quit his job but does not know that he is eligible for early retirement and monthly pension according to the social insurance policy. Have you been downsized or not? If not, how can you qualify for a pension?

According to Vietnam Social Insurance, the roadmap to increase the retirement age of employees in normal working conditions is clearly specified in Clause 2, Article 169 of the Labor Code and Clause 1, Article 4 of Decree No. 135/2020/ND -CP.

Accordingly, from January 1, 2021, the retirement age of employees under normal working conditions is full 60 years and 3 months for male workers and full 55 years and 4 months for male workers. for female workers.

After that, each year increase by 3 months for male workers until reaching the age of 62 in 2028 and each year increase by 4 months for female workers until 60 years old in 2035.

Conditions for people born in 1975 to receive pension

Based on the roadmap to increase the retirement age, male workers born in February 1975 will retire at the age of 62 in March 2037. So at this time, Mr. Hoa has more than 10 years left to reach the prescribed retirement age.

Vietnam Social Insurance said that according to the provisions of Article 55 of the 2014 Law on Social Insurance, amended and supplemented in Article 219 of the Ministry Labor Law 2019, when retiring from work, employees who have paid social insurance for 20 years or more can retire early and enjoy a monthly pension at a lower rate than those who are eligible for pension.

Under normal working conditions, employees can retire early, 5 years below the maximum prescribed retirement age when their working capacity is reduced from 61% to less than 81%; or have a maximum age of 10 years lower than the maximum age when working capacity is reduced by 81% or more.

Even if it applies to the case of retiring at an age 10 years lower than the prescribed maximum retirement age age when his working capacity is reduced by 81% or more, Mr. Hoa does not meet the age requirements.

 

According to Clause 2, Article 5, Decree No. 29/2023/ND-CP dated March 3/ 6/2023 of the Government regulations on downsizing, the subject of downsizing must be at least 5 years younger than the prescribed retirement age and have 20 years of compulsory social insurance payment. Forced or higher, he is entitled to pension.

Compared with the above regulations, Mr. Hoa does not meet the age requirements to enjoy retirement benefits according to the staff streamlining policy at this time.

However, if Mr. Hoa quits his job at this time, he can continue to participate in mandatory social insurance at another unit or participate in voluntary social insurance if he does not work in the formal sector. until he is old enough to enjoy his pension.

Because Mr. Hoa has had 21 years of paying social insurance, he can also stop paying social insurance when he quits his job at this time, reserving the time he has paid. Pay social insurance to wait until you reach the prescribed retirement age to enjoy retirement benefits.