Proposal to reduce retirement age from 80 to 75

Proposal to gradually reduce retirement age

Pursuant to the announcement of the Government Office concluding on draft laws and proposals for law making by the Government Standing Committee, the Ministry of Labor, War Invalids and Social Affairs has reported specifically as follows:

Regarding the consensus opinion on reducing the age of receiving social pension benefits, possibly even lower, the Ministry of Labor, War Invalids and Social Affairs said that the Ministry agrees with the Government Office on the view that it is necessary to adjust and reduce the age of receiving social pension benefits.

The above change is consistent with the direction of Resolution No. 28-NQ/TW on "gradually adjusting the age of receiving social pension benefits in accordance with the budget's capacity".

Đề xuất giảm tuổi hưởng trợ cấp hưu trí từ 80 xuống 75 - 1 — Proposed age for receiving social pension benefits from 80 years old to 75 years old (illustrative photo: Son Nguyen).

However, based on the socio-economic situation and the capacity of the state budget, the Ministry of Labor, War Invalids and Social Affairs proposes in the draft revised Law on Social Insurance to immediately reduce the age of receiving social pension benefits from 80 years old to 75 years old.

At the same time, it is recommended that the Government report to the National Assembly to decide on gradually reducing the age of receiving social pension benefits in accordance with the capacity of the state budget in each period.

In the coming time, when socio-economic development conditions and the state budget capacity allow, the Ministry of Labor, War Invalids and Social Affairs, together with the Ministry of Finance and related ministries and branches, will continue to research and evaluate to propose further reduction of the retirement age.

Changing policies will aim to both expand the number of beneficiaries of social pension benefits and encourage people to participate in voluntary social insurance.

Supplementary pension insurance

Regarding the opinion of the Ministry of Justice, the Government Office requested the drafting agency to evaluate and summarize the practical implementation of the supplementary pension insurance regime to legalize and provide more specific regulations on the supplementary pension insurance regime in the draft Law.

In the process of researching and developing the draft Law on Social Insurance (amended), the Ministry of Labor, War Invalids and Social Affairs has compiled proposed contents belonging to 3 groups of issues under the responsibility of the Ministry of Finance, including: Supplementary pension insurance; financial management mechanism for social insurance, social insurance management costs; investment in social insurance funds.

These are issues that the Ministry of Finance has consulted and submitted to the Government for promulgation of documents detailing the implementation of the 2014 Social Insurance Law.

Đề xuất giảm tuổi hưởng trợ cấp hưu trí từ 80 xuống 75 - 2 — People receive monthly pensions (illustrative photo: Vietnam Social Security).

Regarding the above opinions of the Ministry of Justice and the Government Office, this is the content that the Ministry of Justice has set forth in the Appraisal Report; the National Assembly's Social Committee also requested.

The Ministry of Labor, War Invalids and Social Affairs has sent a document to the Ministry of Finance requesting comments on this issue and preparing a draft document detailing the contents assigned to the Government for detailed regulation.

The Government is requested to direct the Ministry of Finance to urgently develop a draft Decree of the Government providing guidance on the three contents under the responsibility of the Ministry of Finance mentioned above and send it to the Ministry of Labor, War Invalids and Social Affairs to submit to the Government and the National Assembly to ensure progress.

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