Vietnam to increase retirement age gradually from 2021
Vietnam will gradually increase the retirement age to 60 years for women and 62 for men starting next year. The government has issued a decree that contains a timeline for raising the retirement age by 2035 from 55 years for women and 60 for men. The decree follows amendments to the Labor Law passed by the National Assembly in November last year.
According to the Minister of Labor, Invalids and Social Affairs, the retirement age in Vietnam is low compared to other countries in the neighborhood while life expectancy has increased and therefore, to cope with the aging population and keep the balance for the nation’s pension fund, raising the retirement age is urgent.
Hoang Phuong
