1. Supplementing the participants in the retirement and survivorship fund for foreign employees working in Vietnam – In accordance with the provisions in Article 12, Point c of Article 13, and Point 2 of Article 17 (Decree No. 143/2018/NĐ-CP).
2. Changes in the calculation of the pension benefit ratio for males: Starting from January 1, 2022, the formula for determining the pension benefit ratio for males is as follows: 20 years of contributions correspond to a benefit ratio of 45%, and then for each additional year of contributions, the benefit ratio increases by 2% until it reaches the maximum benefit ratio of 75%.
3. Changes in the calculation of the average monthly salary used for calculating pensions and one-time allowances: In accordance with the provisions in Point e, Article 62 of the Law on Social Insurance, for employees who are subject to the salary regime determined by the State, and have contributed to Social Insurance from January 1, 2020, to December 31, 2024, the average of the monthly salary used for calculating contributions in the last 20 years before retirement will be taken into account.
4. Changes in the regulations regarding retirement age
The normal working conditions are as follows:
– For male workers: From the age of 60 and 6 months (an increase of 3 months compared to 2021).
– For female workers: From the age of 55 and 8 months (an increase of 4 months compared to 2021).
* Retirement date and commencement of retirement benefits
(1) The retirement date is the end of the last day of the month when the retirement age is reached according to regulations.
For cases where the employee continues to work after reaching the retirement age according to regulations, the retirement date is the date of termination of the labor contract.
(2) The commencement of retirement benefits begins on the first day of the following month after the retirement date.
(3) In cases where the employee’s records do not specify the exact date and month of birth, but only the year of birth is known, the date of January 1 of the year of birth shall be used as the basis for determining the retirement date and the commencement of retirement benefits.
