In 2024, how will the retirement age and pension conditions change?

Before 2021, the retirement age for male workers is 60 The age of female workers is 55 years old. However, from 2021, Decree 135/2020/ND-CP on retirement age will take effect and the retirement age will gradually increase.

According to Article 4 of Decree 135 from January 1, 1/2021 The retirement age of employees under normal conditions is 60 years and 3 months for male employees and 55 years and 4 months for female employees.

Thereafter, every year the retirement age increased by 3 months for male workers until reaching 62 years old in 2028 and increased by 4 months for female workers until reaching 60 years old in 2035.

According to the roadmap to increase the retirement age Retirement age in 2023 for male workers is 60 years and 9 months, female workers is 56 years old.

Entering 2024, the retirement age for male workers is 61 years old, and female workers is 56 years and 4 months.

The specific roadmap to increase the retirement age is as follows:

Decree 135 also stipulates cases of retirement at an age lower than the retirement age under normal working conditions in Article 5. Employees in special cases can retire at the age of lower but not more than 5 years old compared to the retirement age specified in Article 4.

These are the cases: Employees who have worked for 15 years or more in heavy, toxic, dangerous or special jobs especially heavy, hazardous and dangerous on the list issued by the Ministry of Labor, War Invalids and Social Affairs; workers who have worked for 15 years or more in areas with extremely difficult socio-economic conditions, including working hours Working time in a place with regional allowance coefficient of 07 or more before January 1, 2021; employees with reduced working capacity of 61% or more.

Low retirement age of employees in the above cases is made according to the table below:

Decree 135 also stipulates that employees can retire at an age higher than the retirement age under normal working conditions. Retiring at a higher age depends on the employee’s agreement with the employer.

According to Article 54 of the 2014 Law on Social Insurance as amended by Point a, Clause 1, Article 219 of the 2019 Labor Code, employees participating in compulsory social insurance under normal working conditions are entitled to pension if they have sufficient pension upon leaving the job. 20 years or more of social insurance payment and eligible for retirement age.

Because the retirement age in 2024 increases compared to 2023, the employee’s pension eligibility conditions also change From 2024, employees participating in compulsory social insurance under normal working conditions will receive pensions if they have paid social insurance for 20 years or more and are 61 years old for male workers, 56 years and 4 months old for male workers. female workers.

Readers can refer to detailed instructions on how to calculate retirement age HERE.