Deputy Minister of Labour Pham Minh Huan said the draft amendments will be submitted to the Government in early 2017. Article 187 will be amended, with retirement age to be increased as a measure to cope with an aging population.
Huan said previously the proposal to raise the retirement age of women to 58 and men to 62 was submitted to the National Assembly in the draft Social Insurance Law 2014, but it was not approved. This time the proposal will be carefully considered, with a detailed roadmap.
"Increasing the retirement age and an aging population are problems of many countries, not Vietnam alone," he said, adding that in Vietnam, aging population is occurring during the golden demographic period.
Thus, Vietnam has to solve three issues: making use of human resources, and ensuring jobs and pension fund security, he said.
The current retirement age in Vietnam is 60 for men and 55 for women.
According to the Ministry of Labor, Invalids and Social Affairs, the proportion of elderly people in Vietnam is increasing rapidly, from 6.9% in 1979 to 10.5% at present.
It is predicted that by 2050, Vietnam will have about 10 million elderly. With the current policy, by 2050 the pension fund will be insufficient to pay retired people in 2051.