In Vietnam, a 57-year-old man named Mr. Hung is contemplating retiring five years earlier than the standard retirement age. He has contributed to social insurance for 35 years and is worried about whether this early retirement will lead to a reduction in his pension benefits.

According to Vietnam's social insurance regulations, the retirement age for men is currently set at 61 years and 6 months. Since Mr. Hung is not yet of retirement age, he is inquiring if he will receive the full pension amount or if there will be a deduction of 2% for each year he retires early. He also wants to know if he can apply for unemployment benefits during the waiting period until he reaches the retirement age.

The Vietnam Social Insurance agency has confirmed that Mr. Hung can indeed apply for unemployment benefits if he meets certain conditions outlined in the 2025 Employment Law. To qualify, he must have terminated his employment legally, contributed to unemployment insurance for at least 12 months within the 24 months prior to leaving his job, and submitted his application for benefits within three months of his employment termination.

Furthermore, once Mr. Hung reaches the age of 62 and applies for his pension, his benefits will be calculated based on the regulations established in the 2024 Social Insurance Law. For men who have contributed for 20 years, the pension is set at 45% of the average monthly salary used for insurance contributions, with an additional 2% for each year of contribution beyond 20 years, up to a maximum of 75%.

Given that Mr. Hung has 35 years of contributions, he will qualify for the maximum pension rate of 75%. Importantly, since he is not officially retiring early but simply waiting until he reaches the retirement age to apply for benefits, he will not face any deductions for early retirement.

In summary, Mr. Hung can retire early without fear of losing a portion of his pension, and he is eligible for unemployment benefits while he waits to reach the official retirement age.