Official Increase of 15% in Pension for Which Beneficiaries Starting July 1, 2024? Which Beneficiaries Will Receive More Than a 15% Increase in Pension Starting July 1, 2024?
Officially Increase Pensions by 15% for Which Subjects from July 1, 2024? Which Subjects Will Receive More Than a 15% Pension Increase from July 1, 2024?
Pursuant to the provisions of Article 2 Decree 75/2024/ND-CP, effective from July 1, 2024, pensions will be adjusted to increase by 15% on the June 2024 pension amount for the following 9 subjects:
(1) Officers, officials, workers, public employees, and laborers (including those who participated in voluntary social insurance, retirees from the Nghe An Farmers' Social Insurance Fund under Decision 41/2009/QD-TTg); soldiers, public security officers, and people working in confidential work currently receiving monthly pensions.
(2) Commune, ward, and commune-level town officials as stipulated in Decree 33/2023/ND-CP, Decree 92/2009/ND-CP, Decree 34/2019/ND-CP, Decree 121/2003/ND-CP, and Decree 09/1998/ND-CP.
(3) People currently receiving monthly labor incapacity benefits as prescribed by law; people receiving monthly benefits under Decision 91/2000/QD-TTg, Decision 613/QD-TTg in 2008; rubber workers receiving monthly benefits under Decision 206-CP in 1979.
(4) Commune, ward, commune-level town officials receiving monthly benefits under Decision 130-CP in 1975 and Decision 111-HDBT in 1981.
(5) Soldiers receiving monthly benefits under Decision 142/2008/QD-TTg (amended and supplemented by Decision 38/2010/QD-TTg).
(6) Public security personnel receiving monthly benefits under Decision 53/2010/QD-TTg.
(7) Soldiers, public security personnel, confidential workers receiving benefits equivalent to military personnel and public security personnel receiving monthly benefits under Decision 62/2011/QD-TTg
(8) People receiving monthly labor accident and occupational disease benefits.
(9) People receiving monthly funeral benefits prior to January 01, 1995.
Simultaneously, at Clause 2, Article 2 Decree 75/2024/ND-CP stipulates that the following subjects will receive more than a 15% pension increase from July 1, 2024:
Subjects in 1, 2, 3, 4, 5, 6, 7 who retire before January 01, 1995, after being adjusted by 15% on the pension amount of June 2024, if their pension is below 3,500,000 VND/month, will continue to be adjusted as follows:
- Increased by 300,000 VND/person/month for those with a pension below 3,200,000 VND/person/month;- Increased to 3,500,000 VND/person/month for those with a pension from 3,200,000 VND/person/month to below 3,500,000 VND/person/month.
Officially Increase Pensions by 15% for Which Subjects from July 1, 2024?
Will the New Pensions be Paid Starting July 1, 2024?
On July 1, 2024, Vietnam Social Security issued Official Dispatch 2128/BHXH-TCKT in 2024 guiding the payment of pensions, social insurance benefits, and monthly allowances for the payment period of July 2024.
In Official Dispatch 2128/BHXH-TCKT in 2024, Vietnam Social Security guides the payment schedule as follows:
Organize the payment of pensions, social insurance benefits, and monthly allowances for July 2024 according to the new amounts specified in Decree 75/2024/ND-CP. Specifically, pay the new pensions to beneficiaries through personal accounts, simultaneously with paying the new pensions in cash at the payment locations starting from July 1, 2024.
What is the Current Retirement Age for Workers under Normal Conditions?
Pursuant to Clause 2, Article 169 of the Labor Code 2019, the retirement age is regulated as follows:
Retirement Age
1. Employees who meet the required social insurance contribution periods as prescribed by the law on social insurance are entitled to pensions when they reach the retirement age.
2. The retirement age for employees working under normal conditions shall be adjusted step by step until reaching 62 years for male employees by 2028 and 60 years for female employees by 2035.
From 2021, the retirement age for employees working under normal conditions is 60 years and 3 months for males and 55 years and 4 months for females; then, each year increases by 3 months for males and 4 months for females.
3. Employees with reduced working capacity; engaging in particularly arduous, toxic, dangerous jobs; engaging in arduous, toxic, dangerous jobs; working in areas with exceptionally difficult socio-economic conditions may retire at a lower age but not more than 5 years younger than the age specified in Clause 2 of this Article at the time of retirement, except as otherwise prescribed by law.
4. Employees with high professional and technical qualifications and 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 as otherwise prescribed by law.
5. The Government of Vietnam shall detail this Article.
Based on the above regulations and the roadmap for adjusting the retirement age of workers specified in Clause 2, Article 4 of Decree 135/2020/ND-CP, the retirement age for workers under normal conditions in 2024 is:
- Male workers: 61 years- Female workers: 56 years and 4 months.
Employees meeting the required social insurance contribution periods as prescribed by the law on social insurance are entitled to pensions when they reach the retirement age.
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