Vietnam's workers cash out pensions early ahead of new law

Submitted by pmassetti on Fri, 02/16/2024 - 15:51

Vietnam is amending its pension laws in an attempt to deter people from abandoning the fund before retirement. Yet in some quarters, the pending change is having the opposite effect. Many workers critical to the world’s electronics and clothing supply chains were already taking early payouts to deal with hardships, such as those brought on by the pandemic. Now, more of them are getting jittery after hearing the upcoming law could cut payouts in half, and the communist country is weighing ways to keep workers in the system, from TikTok campaigns to legal incentives.

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