Things workers need to know about retirement and pension benefits in 2027

According to Vietnam Social Security, the 2019 Labor Code stipulates that the retirement age in normal working conditions is gradually adjusted to increase year by year. According to the roadmap, by 2028, the retirement age for male workers will reach 62 years old; by 2035, female workers will reach 60 years old.

Specifically, from 2021, the retirement age is determined at 60 years and 3 months for men and 55 years and 4 months for women. After that, each year the retirement age for men increases by 3 months, and for women increases by 4 months.

According to this roadmap, in 2027, male workers working in normal conditions have a retirement age of 61 years and 9 months, while female workers are 57 years and 4 months.

In addition to the group of workers working in normal conditions, the law also stipulates cases of early retirement or extension of working hours. Workers with reduced working capacity, doing particularly heavy, hazardous, dangerous work or belonging to groups of heavy, hazardous, dangerous occupations and jobs; working in areas with particularly difficult socio-economic conditions may retire at a lower age. The maximum reduction is 5 years compared to the retirement age prescribed at the time of retirement, except for cases specifically prescribed by law.

Conversely, workers with high professional and technical qualifications and some special cases may retire later than the prescribed age, but the duration does not exceed 5 years.

Based on Decree No. 135/2020/ND-CP of the Government on retirement age, the determination of retirement time is carried out according to the year of birth and corresponding application roadmap. Employees can compare the 2027 retirement age lookup table for men and women to determine the time of reaching retirement age according to regulations.

According to the 2024 Law on Social Insurance, employees are entitled to a pension when they meet the retirement age conditions according to the Labor Code and have a compulsory social insurance contribution period of 15 years or more.

Thus, for people working in normal conditions, the condition for enjoying a pension in 2027 is to have at least 15 years of compulsory social insurance contributions and reach the retirement age according to regulations, corresponding to 61 years and 9 months for men and 57 years and 4 months for women.

The monthly pension level depends on the time of participation in social insurance and the average salary level used as the basis for social insurance contributions. The benefit rate is determined according to separate regulations for male and female workers.

For female workers, the starting pension benefit rate is 45% of the average salary used as the basis for social insurance contributions corresponding to 15 years of contribution. From the next year of contribution, each year is added 2%, but the total benefit rate does not exceed 75%.

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