New retirement age in Vietnam to take effect in 2021
The retirement age of Vietnamese workers will be raised to 62 for men and 60 for women from 2021, according to the Ministry of Labour, Invalids, and Social Affairs (MOLISA).
Currently, the retirement age for men and women is 60 and 55, respectively.
MOLISA said some provisions of Vietnam’s Labour Code will be amended to align with the new generation of free trade agreements (FTAs).
The draft revision will be presented to the National Assembly in May 2019. But it is only submitted for approval in October 2019.
The increase in retirement age is to help mitigate the economic impact of a rapidly aging population and dwindling social welfare funds.
Data from Vietnam’s General Statistics Office showed that by 2035, 1.5 million people will join the labour pool for the first time, while 1.3 million people will be retiring.