Mr. Duc Thanh was born in October 1968, and is now just over 55 years old. However, his health is currently very poor and he wants to apply for early retirement.
Mr. Thanh wondered: When will I be able to retire and how much will my monthly early retirement pension be? how much?”.
According to Vietnam Social Insurance The retirement age and conditions for receiving early age pension for male workers are specified in detail in Article 169 and Clause 1 Article 219 of the 2019 Labor Code; Decree No. 135/2020/ND-CP dated November 18, 2020 of the Government.
Based on the above regulations from 2021 the retirement age of employees Men who have paid social insurance for 20 years under normal working conditions are 60 years and 3 months old. Then each year increases by 3 months until they reach 62 years old in 2028. That is, the retirement age of male workers in 2024. is 61 years old.
However, male workers can retire a maximum of 5 years younger than the age specified above when they have paid social insurance for 20 years and fall into one of the cases below.
Firstly, have 15 years or more of working in heavy, hazardous or dangerous work (NĐHNH) or especially HNDHNH on the list issued by the Ministry of Labor, War Invalids and Social Affairs.
Second, having worked for 15 years or more in an area with extremely difficult socio-economic conditions (including working time in a place with a regional allowance coefficient of 07 or more before January 1). January 2021).
Tuesday has a decrease in working capacity from 61% to less than 81%.
Wednesday has the total time spent working as a NHNHNHNH or special NĐNHNH job and the time Working time in areas with extremely difficult socio-economic conditions (including working time in places with regional allowance coefficients of 07 or more before January 1, 2021) for 15 years or more up.
In addition, male workers can retire up to 10 years younger than the prescribed retirement age when they have paid social insurance for 20 years and fall into one of the cases below.
First, have 15 years of working in coal mining in the pit.
Second, have reduced working capacity of 81% or more.
In case a male employee has paid social insurance for 20 years but is infected with HIV/AIDS due to an occupational accident or has a reduced working capacity of 61% or more and has enough 15 years of working in a special occupation or job in a foreign worker on the list issued by the Ministry of Labor, Invalids and Social Affairs and the Ministry of Health, there is no age limit.
Based on the above regulations, readers can determine Which category do I fall into to calculate the age allowed for “early retirement”.
Regarding pensions, the employee’s monthly pension is calculated by multiplying the pension rate by the average salary. months of social insurance payment.
The pension rate for male employees retiring from 2022 onwards is calculated at 45% corresponding to 20 years of social insurance payment. After that, 1 additional year of social insurance payment is calculated add 2% to the maximum level equal to 75%.
For premature retirement, for each year of retirement before the prescribed retirement age, 2% of the pension rate will be deducted.
Calculating the monthly pension in addition to the contribution rate also depends on many factors such as: Total time of paying social insurance, monthly income developments as a basis for social insurance payment during the entire process of paying social insurance until retirement, age, gender, Calculate the time of retirement according to the consumer price index of each period according to the Government’s regulations…
