Retirement age of workers in 2024

Before 2021, the retirement age for male workers was 60 years old and for female workers was 55 years old. However, from 2021, Decree 135/2020 of the Government on retirement age took effect and the retirement age gradually increased.

According to Article 4 of Decree 135 of the Government, from January 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.

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

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

Thus, by 2024, the retirement age for male workers will be 61 years old, and for female workers it will be 56 years and 4 months.

Roadmap to increase retirement age of workers under normal working conditions

Decree 135 also regulates cases of retirement at a lower age than the normal retirement age under normal working conditions. Accordingly, employees in special cases can retire at a lower age but not more than 5 years lower than the retirement age.

These are the following cases: employees who have worked for 15 years or more in arduous, toxic, dangerous or especially arduous, toxic, dangerous jobs on the list issued by the Ministry of Labor - Invalids and Social Affairs ; employees who have worked for 15 years or more in areas with particularly difficult socio-economic conditions, including working time in areas with regional allowance coefficient of 0.7 or higher before January 1, 2021; employees whose working capacity has been reduced by 61% or more.

Lowest retirement age for workers from 2024

Also according to Decree 135 of the Government, employees can retire at a higher age than the retirement age under normal working conditions. Retirement at a higher age depends on the agreement between the employee and the employer.

According to Article 54 of the Law on Social Insurance 2014, amended by Point a, Clause 1, Article 219 of the Labor Code 2019, employees participating in compulsory social insurance under normal working conditions are entitled to pension if, when retiring, they have paid social insurance for 20 years or more and meet the retirement age requirements.

Due to the increase in the retirement age in 2024 compared to 2023, the conditions for receiving pensions of employees will also change accordingly. That is, 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 when retiring and are 61 years old for male employees, and 56 years and 4 months old for female employees.

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