Schedule for Pension Payment in April 2024? How is the Pension for April 2024 Calculated?
Pension Payment Schedule for April 2024
Based on Clause 4, Article 7 of the Process issued with Decision 166/QD-BHXH 2019 by Vietnam Social Insurance (VSI) on issuing the process for resolving social insurance policies, the regulations are as follows:
Resolution and Payment
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4. Monthly Social Insurance Policies Payment
4.1. Responsibility of the Financial Planning Department (FPD)
4.1.1. Receive the C72a-HD list from the Social Insurance Policies Department; the C12-TS Notice (issued with Decision No. 595/QD-BHXH) from the Collection Management Department; receive the proposal form No. 3-CBH from the Results Processing Department; transfer the C72a-HD list to the provincial Post Office, FPD.
4.1.2. Pay to the beneficiaries' relatives: Based on proposal form No. 3-CBH, compare with the managed data to promptly pay the beneficiaries' relatives for months not yet received, due to the death of the beneficiary.
4.1.3. Transfer funds to the provincial Post Office
a) 04 days before the payment schedule, advance payments based on the reconciled amount of the previous month.
b) On the 1st of each month, reconcile and offset the transferred social insurance payment amount for the previous month that remains (if any) on the Payment Statement form C74a-HD with the C72a-HD list to transfer the remaining funds.
c) Create a Notice using form No. 1-CBH to inform district Social Insurance of the payment amount for beneficiaries in the district, transferred by the provincial Social Insurance to the provincial Post Office.
4.1.4. Organize monthly pension and social insurance allowance payments to beneficiaries through the Post Office system as per the contract.
a) Payment at the payment point: From the 2nd to the 10th of the month, payments are organized for at least 6 hours/day at all payment points; only ending payment before the 10th at points where the number of beneficiaries has been completely paid according to the list from the social insurance agency.
b) Payment at the district Post Office transaction point: From the 11th of the month, continue to pay at payment points that are district Post Office transaction points until the 25th of the month.
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Additionally, a representative from Vietnam Post Corporation stated that the organization would make ATM account payments as soon as the list and funds are received from the Social Insurance Agency, at the latest by the next day.
Payment times at payment points in communes, wards, and commune-level towns start from April 2 and end on April 10, while at district Post Office transaction points, payments start from the 11th of the month, lasting until the 25th of the month.
However, in each locality, provincial/city/center Post Offices will cooperate with local social insurance agencies to decide the specific monthly pension and social insurance payment schedule suitable for each area.
Thus, the pension payment schedule for April 2024 is as follows:
- From April 2, 2024 - April 10, 2024: Payment at payment points in communes, wards, commune-level towns;- From April 11, 2024 - April 25, 2024: Payment at district Post Office transaction points.
Note: The specific pension payment schedule for April 2024 will be determined by the provincial social insurance agency.
Pension Payment Schedule for April 2024? How is the April 2024 pension calculated?
How is the April 2024 Pension Calculated?
According to Circular 06/2023/TT-BLDTBXH, the pension for April 2024 is calculated as follows:
For beneficiaries with an additional 12.5% increase on the pension, social insurance benefits, and monthly allowance of June 2023:
| Pension, Social Insurance Benefit, Monthly Allowance in September 2023 | = | Pension, Social Insurance Benefit, Monthly Allowance in June 2023 | x | 1.125 || --- | --- | --- | --- | --- |
For beneficiaries with an additional 20.8% increase on the pension, social insurance benefits, and monthly allowance of June 2023:
| Pension, Social Insurance Benefit, Monthly Allowance in September 2023 | = | Pension, Social Insurance Benefit, Monthly Allowance in June 2023 | x | 1.208 || --- | --- | --- | --- | --- |
The pension, social insurance benefits, and monthly allowance of the beneficiaries specified in Clause 2, Article 1 of Circular 06/2023/TT-BLDTBXH after adjusting according to the above regulations are adjusted as follows:
- For those with a pension, social insurance benefit, monthly allowance below 2,700,000 VND/month:
| Adjusted Pension, Social Insurance Benefit, Monthly Allowance | = | Pension, Social Insurance Benefit, Monthly Allowance after adjustment according to Clause 1, Article 2 of this Circular | + | 300,000 VND/month || --- | --- | --- | --- | --- |
- For those with a pension, social insurance benefit, monthly allowance from 2,700,000 VND/month to below 3,000,000 VND/month:
| Adjusted Pension, Social Insurance Benefit, Monthly Allowance | = | 3,000,000 VND/month || --- | --- | --- |
Retirement Age for Workers in Normal Conditions Today?
According to Clause 2, Article 169 of the Labor Code 2019, the retirement age regulations are as follows:
Retirement Age
1. Workers who meet the conditions regarding the duration of social insurance contributions as prescribed by social insurance law are entitled to a pension when they reach the retirement age.
2. The retirement age of workers in normal labor conditions is gradually adjusted until reaching 62 years for men in 2028 and 60 years for women in 2035.
From 2021, the retirement age of workers in normal labor conditions is 60 years and 3 months for men and 55 years and 4 months for women; each subsequent year, the age increases by 3 months for men and 4 months for women.
3. Workers with reduced capacity for labor; working in particularly heavy, toxic, or dangerous occupations; working in heavy, toxic, or dangerous occupations; working in areas with extremely difficult socio-economic conditions may retire at a lower age but not more than 5 years earlier than the age specified in Clause 2 of this Article at the time of retirement, except in cases prescribed by other laws.
4. Workers with high professional and technical skills and in some special cases may retire at an older age but not more than 5 years older than the age specified in Clause 2 of this Article at the time of retirement, except in cases prescribed by other laws.
5. The Government of Vietnam shall detail this Article.
Based on the regulations mentioned above and the roadmap for adjusting the retirement age of workers, specifically stipulated in Clause 2, Article 4 of Decree 135/2020/ND-CP, the retirement age of workers in normal conditions in 2024 is:
- Male workers: 61 years- Female workers: 56 years and 4 months.
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