Latest retirement age regulations. Pension payment schedule, social insurance pension regime. Pension payment date via ATM card. Pension payment method via post office, ATM.
Latest retirement age regulations for employees – Retirement roadmap
In Article 169 of the 2019 Labor Code, the retirement age of employees is stipulated as follows:
➧ Retirement time for employees in normal working conditions is adjusted according to the following roadmap:
- Male workers turn 62 years old in 2028;
- Female workers will be 60 years old by 2035.
From 2021, the retirement age of employees under normal working conditions will be:
- Male workers are 60 years and 3 months old and will increase by 3 months each year;
- Female workers are 55 years and 4 months old and will increase by 4 months each year.
For example:
- The retirement ages of male and female workers in 2024 are: 61 years old and 56 years and 4 months old, respectively;
- The retirement ages of male and female workers in 2025 are: 61 years and 3 months and 56 years and 8 months, respectively;
>> See details: Conditions for receiving pension and retirement age table (retirement regime from a to z).
➧ Employees can retire at a lower age but not more than 5 years older than employees under normal conditions if:
- Employees with reduced working capacity from 61 – 81% (*);
- Employees doing heavy, toxic, dangerous work;
- Employees doing especially hard, toxic, dangerous work;
- Workers working in areas with particularly difficult socio-economic conditions.
(*): Employees with a reduced working capacity of 81% or more can retire at a maximum age of 10 years lower than employees under normal conditions.
Note:
Working hours for employees doing heavy, toxic, or dangerous work are not more than 6 hours/day.
➧ Employees can retire at an age higher than normal but not more than 5 years older than employees under normal conditions if:
- Employees with high professional and technical qualifications;
- Employees working in some special cases;
- Civil servants in public service units (as prescribed in Article 2 of Decree 53/2022/ND-CP);
- Cadres and civil servants holding leadership and management positions (stipulated in Clause 1, Article 2 of Decree 83/2022/ND-CP).
Monthly pension payment – Where to receive pension?
According to the provisions of Clause 3, Article 18 of the Law on Social Insurance, employees are paid pensions in 1 of 3 forms:
- Receive pension directly from social insurance agency or service organization authorized by social insurance agency;
- Receive pension through employee’s deposit account opened at the bank;
- Receive pension through employer.
Note:
The elderly, lonely, sick, and infirm who are unable to go to the payment point to receive their monthly pension or social allowance will have their pension or social allowance paid free of charge by the post office at their place of residence.
>> In addition, to learn more about how to calculate monthly social insurance pension and pension rate, you can refer to the article: How to calculate pension for employees.
Update the latest monthly pension payment schedule and social insurance retirement regime
Based on Decision 166/QD-BHXH, monthly pension payments will start from the 2nd day of the month of payment, specifically:
➧ Cash pension payment date:
- Payment at payment point: from 2nd to 10th of every month (*), payment organization time is at least 6 hours/day;
- Payment at the district post office transaction point: from the 11th to the 25th of each month.
➧ Pension payment date via ATM card (personal bank account) usually falls on the first days of salary payment (from the 2nd to the 5th of each month).
Note:
- (*) Pension payment only ends before the 10th day when payment is completed according to the list of the Social Insurance agency;
- The monthly pension payment schedule in each locality will change to suit each locality but must not be many days later than the general regulations, and the end time must be the same day as the general regulations;
- Individuals receiving pensions via ATM will have their money transferred on the 4th, if the 2nd falls on a Saturday as some banks do not work on Saturdays.
Questions related to pension payment schedule and retirement age under new regulations
1. What is the retirement age?
Retirement time for employees in normal working conditions is adjusted according to the roadmap: male employees will be 62 years old by 2028 and female employees will be 60 years old by 2035.
From 2021, the retirement age of employees under normal working conditions is: 60 years and 3 months for male employees and 55 years and 4 months for female employees. After that, each year it will increase by 3 months for male employees and 4 months for female employees.
2. How do employees receive retirement benefits (pensions)?
Employees are paid pensions in the following forms:
- Receive pension directly from the Social Insurance agency or an organization authorized by the Social Insurance agency;
- Receive pension through employee’s deposit account opened at the bank;
- Receive pension through employer.
3. Latest pension and retirement payment schedule?
- Cash pension payment date:
- Payment at payment point: from 2nd to 10th of every month;
- Payment at the district post office transaction point: from the 11th to the 25th of each month.
- Pension payment date via ATM card (personal bank account) usually falls on the first days of salary payment (from the 2nd to the 5th of each month).
4. Can I retire after paying insurance for 15 years?
Yes. Employees who have paid social insurance for 15 years and meet the retirement age requirements can receive a monthly pension (based on Resolution 28-NQ/TW in 2018).
You may be interested in:
>> Benefits of participating in compulsory social insurance;
>> Benefits of participating in health insurance for 5 consecutive years.
5. Will pensions increase from July 1, 2024?
According to Conclusion 83-KL/TW in 2024 and Decree 75/2024/ND-CP, from July 1, 2024, pensions and social insurance benefits will officially increase by 15%.
For those who were receiving pensions before 1995, if after the 15% increase:
- The benefit level below 3,200,000 VND/month will increase by 300,000 VND/month;
- The benefit level from 3,200,000 – under 3,500,000 VND/month will increase to 3,500,000 VND/month.
Call us at 0978 578 866 (North) – 033 9962 333 (Central) – 0946 724 666 (South) for support.