Pension Benefits Available from 01/01/2021 for 3 Qualifying Cases

Are you approaching retirement age and unsure what benefits you might be eligible for? With the start of the new year, a new set of retirement benefits are now available for eligible cases starting January 1, 2021. Read on to learn more.

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According to the official document number 362/LĐTBXH-BHXH issued by the Ministry of Labor – Invalids and Social Affairs in response to letter number 252/BHXH-CSXH dated 01/27/2021 from Vietnam Social Insurance, the following individuals will be eligible for pension benefits starting from January 1, 2021, based on Decree no. 135/2020:

1. Male and female employees working under normal conditions

  • A male employee born in December 1960
  • A female employee born in December 1965

2. Workers with a labor capacity reduction of over 81%

  • A male worker born in December 1970
  • A female worker born in December 1975

3. Workers falling into special cases

A male worker born in December 1965 and a female worker born in December 1970, falling into one of the following cases, will be eligible for pension benefits from January 1, 2021:

  • Having worked in a physically demanding, hazardous, or extremely physically demanding and hazardous occupation listed in the list issued by the Ministry of Labor – Invalids and Social Affairs for at least 15 years.
  • Having worked in an economically and socially difficult area (including the time working in a location that received a regional allowance of coefficient 0.7 or higher before January 1, 2021) for at least 15 years.
  • Having been assessed with a labor capacity reduction of 61% to below 81% before January 1, 2021.

Pension benefits from January 2021

Some additional notes:

  • For cases where workers continue to work after reaching the retirement age as regulated, the retirement time is the time when the labor contract is terminated.
  • The determination of the age threshold for calculating the number of years of retirement before the statutory retirement age, as the basis for determining the reduced pension benefits ratio as stipulated in clause 3 of Article 56 of Social Insurance Law, is implemented according to the regulations in clause 3 of Article 7 of Decree no. 135/2020. Specifically, based on the pre-retirement age of the worker, the age threshold according to the retirement age defined in clause 2 of Article 4 and clause 2 of Article 5 of Decree no. 135/2020.
  • The determination of the number of years of social insurance contributions corresponding to the pension benefits ratio of 45% is based on the start time of receiving monthly pension benefits of the worker.
  • The determination of “retirement age” used as the basis for considering and resolving one-time social insurance benefits according to point a clause 1 of Article 60 and point a clause 1 of Article 77 of the Social Insurance Law is based on the retirement age at the year the worker requests to receive one-time social insurance benefits.
  • The monthly pension benefits and monthly allowance benefits for workers who have the decision to cease their employment and are waiting for the resolution of retirement and monthly allowance benefits should be implemented according to the regulations in Article 25 of Decree no. 115/2015/NĐ-CP dated November 11, 2015, of the Government, detailing some provisions of the Social Insurance Law on compulsory social insurance.

Pension benefits

Hopefully, the provided information will give you a better understanding of the cases eligible for pension benefits from January 1, 2021!

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