Vietnam: What are the 09 regulated entities having their retirement pensions increased from July 1, 2023 according to Decree 42/2023/ND-CP?
- Vietnam: What are the 09 regulated entities having their retirement pensions increased from July 1, 2023 according to Decree 42/2023/ND-CP?
- To increase retirement pensions and social insurance allowances in Vietnam by 20.8% from July 1, 2023?
- What are the conditions for conditions for receiving retirement pension in Vietnam?
Vietnam: What are the 09 regulated entities having their retirement pensions increased from July 1, 2023 according to Decree 42/2023/ND-CP?
The Government has just issued Decree 42/2023/ND-CP dated June 29, 2023 on adjustments to retirement pensions, social insurance allowances and monthly benefits.
Accordingly, from July 1, 2023, increase retirement pensions, social insurance allowances and monthly benefits from 12.5% and 20.8% for the following groups, including:
- Cadres, officials, public employees and workers (including those contributing social insurance voluntarily and retired people transferred from Social Insurance Fund of farmers of Nghe An province as prescribed in the Prime Minister’s Decision No. 41/2009/QD-TTg dated March 16, 2009); military personnel, police officers and cipher officers who are receiving monthly retirement pensions.
- Cadres of communes, wards and commune-level towns (hereinafter referred to as “communes”) prescribed in Government's Decree No. 92/2009/ND-CP dated October 22, 2009, Government's Decree No. 121/2003/ND-CP dated October 21, 2003 and Government's Decree No. 09/1998/ND-CP dated January 23, 1998 who are receiving monthly retirement pensions and benefits.
c) Those who are receiving monthly work-capacity loss allowance as per the law; those who are on monthly benefits as prescribed in Decision No. 91/2000/QD-TTg dated August 04, 2000 and Decision No. 613/QD-TTg dated May 06, 2010 of the Prime Minister; workers in the rubber-manufacturing industry on monthly benefits as prescribed in the Decision No. 206-CP dated May 30, 1979 of the Government.
- Cadres of communes who are on monthly benefits as prescribed in Decision No. 130/CP dated June 20, 1975 of Government Council and Decision No. 111-HDBT dated October 13, 1981 of Council of Ministers.
- Military personnel who is on monthly benefits as prescribed in Decision No. 142/2018/QD-TTg dated October 27, 2008 (amended by the Prime Minister’s Decision No. 38/2010/QD-TTg dated May 06, 2010).
- Police officers who are receiving monthly benefits as prescribed in the Prime Minister’s Decision No. 53/2010/QD-TTg dated August 20, 2010.
- Military personnel, police officers and cipher officers who are receiving the same salaries as the military personnel and police officers on monthly benefits as prescribed in the Prime Minister’s Decision No. 62/2011/QD-TTg dated November 09, 2011.
- Persons who are receiving monthly occupational accident and disease allowances.
- People who have been receiving monthly death benefits before January 01, 1995.
The persons specified in points a, b, c, d, dd, e and g clause 1 of Article 1 of Decree 42/2023/ND-CP who retired and have been receiving retirement pensions, social insurance allowances and monthly benefits before January 01, 1995 after being adjusted as prescribed in clause 1 Article 2 of this Decree less than VND 3,000,000/month.
Vietnam: What are the 09 regulated entities having their retirement pensions increased from July 1, 2023 according to Decree 42/2023/ND-CP?
To increase retirement pensions and social insurance allowances in Vietnam by 20.8% from July 1, 2023?
According to the provisions of Article 2 of Decree 42/2023/ND-CP, from July 1, 2023, adjusted as follows:
- Pensions, social insurance allowances and monthly allowances payable to the persons prescribed in clause 1 Article 1 of this Decree increases by 12.5% compared to the amount of June 2023 adjusted under the Decree No. 108/2021/ND-CP dated December 07, 2021.
- Pensions, social insurance allowances and monthly allowances payable to the persons prescribed in clause 1 Article 1 of this Decree increases by 20.8% compared to the amount of June 2023 not adjusted under the Decree No. 108/2021/ND-CP dated December 07, 2021.
Accordingly, from July 1, 2023, as of July 01, 2023, for the persons specified in clause 2 Article 1 of Decree 42/2023/ND-CP, after being adjusted as prescribed in clause 1 of this Article, the specific adjustment is as follows: those whose retirement pension, social insurance allowance or monthly allowance is VND 2,700,000 or below will:
- Receive an additional VND 300,000 each per month, those whose retirement pension, social insurance allowance or monthly allowance is from VND 2,700,000 to less than VND 3,000,000 will receive an retirement pension, social insurance allowance or monthly allowance to make their total VND 3,000,000 each per month.
The pension, social insurance allowance and monthly allowance after adjustment according to this regulation shall be the basis for calculating the adjustment of pension, social insurance allowance and monthly allowance in subsequent adjustments.
What are the conditions for conditions for receiving retirement pension in Vietnam?
According to the provisions of Article 54 of the Law on Social Insurance 2014 (amended by point a, clause 1, Article 219 of the Labor Code 2019), the conditions for receiving retirement pension in Vietnam are as follows:
(1) For employees participating in compulsory social insurance working under normal working conditions, they fully satisfy the following 2 conditions:
- He/she has paid social insurance for at least 20 years.
- He/she has reached the retirement age, for male employees from full 60 years and 9 months and female employees from full 56 years.
(2) For employees participating in voluntary social insurance
Conditions for enjoying pension for employees participating in voluntary social insurance according to the provisions of Article 73 of the Law on Social Insurance 2014 (amended by point c, Clause 1, Article 219 of the Labor Code 2019):
- He/she has reached the retirement age, for male employees from full 60 years and 9 months and female employees from full 56 years.
- He/she has paid social insurance for at least 20 years
In case the employee has fully met the prescribed age conditions for pension enjoyment but the period of payment of social insurance contributions has not been full 20 years, he/she shall be entitled to pay until full 20 years to enjoy the pension.
(3) Female employees who are commune-level cadres and civil servants or part-time workers in communes, wards or townships participating in social insurance when they leave work, satisfy the following conditions:
- She has paid social insurance for from full 15 years to less than 20 years
- she has reached the age of 56.
Under special working conditions, employees are entitled to early retirement.
The period of early retirement can be from 5 to 10 years as specified in Articles 54 and 55 of the Law on Social Insurance 2014 (amended and supplemented by Article 219 of the Labor Code 2019).
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