Payment Schedule for Retirement Pensions in January and February 2024 in Hanoi: Total Amount for January 2024 Pensions?
Pension Payment Schedule for January and February 2024 in Hanoi?
To ensure prompt and full benefits for beneficiaries and create the most favorable conditions for recipients during the Lunar New Year, on December 15, 2023, Hanoi City Social Security issued Official Dispatch 6834/BHXH-KHTC regarding the payment of pensions and social insurance benefits for January and February 2024.
The specific pension payment schedule for January and February 2024 in Hanoi is as follows:
- Pension payment schedule via personal accounts: From January 5, 2024, to January 9, 2024
*Note: For those who take a break to enjoy policies after the January 2024 payment round (applications received and approved by Hanoi Social Security from December 28, 2023, to January 25, 2024), additional pensions and social insurance benefits will be paid on February 1, 2024.
- Pension payment schedule in cash: Payments will be made over 2 days
+ Payment on January 5, 2024
+ Payment on January 9, 2024
*Note: For those who take a break to enjoy policies after the January 2024 payment round, additional pensions can be received at Post Offices from February 1, 2024, to February 24, 2024 (excluding holidays and Tet).
*For the elderly, infirm, lonely, or ill who cannot come to receive their pensions or social insurance benefits, the Post Office will organize home payment.
Source: Vietnam Social Security
Pension Payment Schedule for January and February 2024 in Hanoi? How much pension will be received in January 2024?
How much pension will be received in January 2024?
If there are no changes in the law, the pension in January 2024 will be calculated according to the formula in Article 2 Circular 06/2023/TT-BLDTBXH as follows:
* From July 1, 2023, the pension, social insurance benefits, and monthly allowances for subjects specified in Clause 1, Article 1 of Circular 06/2023/TT-BLDTBXH will be adjusted as follows:
- Increase by 12.5% on the pension, social insurance benefits, and monthly allowances for June 2023 for subjects specified in Clause 1, Article 1 of Circular 06/2023/TT-BLDTBXH who have been adjusted according to Decree 108/2021/ND-CP on December 7, 2021, of the Government of Vietnam adjusting pensions, social insurance benefits, and monthly allowances. To be specific:
| Pension, Social Insurance Benefits, Monthly Allowance for January 2024 | = | Pension, Social Insurance Benefits, Monthly Allowance for June 2023 | x | 1.125 || --- | --- | --- | --- | --- |
- Increase by 20.8% on the pension, social insurance benefits, and monthly allowances for June 2023 for subjects specified in Clause 1 of this Circular who have not been adjusted according to Decree 108/2021/ND-CP on December 7, 2021, of the Government of Vietnam adjusting pensions, social insurance benefits, and monthly allowances. To be specific:
| Pension, Social Insurance Benefits, Monthly Allowance for January 2024 | = | Pension, Social Insurance Benefits, Monthly Allowance for June 2023 | x | 1.208 || --- | --- | --- | --- | --- |
* The pension, social insurance benefits, and monthly allowances for subjects specified in Clause 2, Article 1 of Circular 06/2023/TT-BLDTBXH after being adjusted according to the provisions in Clause 1, Article 2 of Circular 06/2023/TT-BLDTBXH will be adjusted as follows:
- For those with a pension, social insurance benefit, or monthly allowance below VND 2,700,000/month:
| Pension, Social Insurance Benefits, Monthly Allowance after Adjustment | = | Pension, Social Insurance Benefits, Monthly Allowance after Adjustment as per Clause 1, Article 2 of this Circular | + | VND 300,000/month || --- | --- | --- | --- | --- |
- For those with a pension, social insurance benefit, or monthly allowance from VND 2,700,000/month to below VND 3,000,000/month:
| Pension, Social Insurance Benefits, Monthly Allowance after Adjustment | = | VND 3,000,000/month || --- | --- | --- |
The pension for January 2024 will be calculated based on the above.
In addition, on December 13, Vietnam Social Security issued Official Dispatch 4210/BHXH-TCKT in 2023 to the Vietnam Post Corporation and Social Security offices of provinces and centrally-run cities regarding the payment of pensions and social insurance benefits for January and February 2024.
To facilitate pensioners and social insurance beneficiaries during the Lunar New Year, Vietnam Social Security will disburse pension and social insurance benefits for January and February 2024 to provincial Social Security offices (collectively referred to as provincial Social Security) to pay beneficiaries in the regular payment cycle of January 2024, including those receiving in cash and through personal accounts.
Thus, retirees will receive two months' pensions in the January 2024 payment cycle, including the pension for January and the pension for February.
Depending on the individual pension (calculated as mentioned above), the pension received in the payment cycle of January 2024 will vary. The pension in the January 2024 payment cycle will be doubled because it includes both January and February 2024.
Which agency is responsible for pension payment in January 2024?
Based on Article 93 of the Social Insurance Law 2014, the provisions are as follows:
Social Insurance Agency
1. The Social Insurance Agency is a state agency responsible for implementing social insurance policies, managing and using social insurance funds, health insurance, unemployment insurance; inspecting the payment of social insurance, unemployment insurance, health insurance, and other tasks as stipulated by this Law.
2. The Government of Vietnam specifically regulates the organization, duties, and powers of the Social Insurance Agency.
Thus, the Social Insurance Agency will pay pensions to those eligible for pensions.
Pension beneficiaries in any locality will receive their pensions from the local Social Insurance Agency responsible for pension payments for January 2024.
LawNet