HANOI, Oct. 11 (Xinhua) -- The Vietnamese Ministry of Labor, Invalids and Social Affairs will next year submit to the top legislature a plan on increasing retirement age, local media reported Tuesday.
The ministry is collecting recommendations from experts and relevant agencies for the draft plan on raising pension age to 60 from the current 55 for women, and to 62 from 60 for men, online newspaper Tuoi Tre (Youth) quoted the ministry's Deputy Minister Pham Minh Huan as saying.
The ministry said they wants the Labor Code to be amended and supplemented, including the proposed pension age hike, to avoid overspending of the social insurance fund.
According to the latest survey by the World Economic Forum, Vietnamese's average lifespan is 75.6 years, ranking the 56th among 138 surveyed countries and territories, and the second in Southeast Asia, after Singapore.
According to Vietnam's General Statistics Office, in the country, the average lifespan of people in the southeastern region is highest, and that of people in the Central Highlands region is the lowest.
