Issuance of Decree 75 on the adjustment of pensions, social insurance benefits, and monthly allowances in Vietnam

Issuance of Decree 75 on the adjustment of pensions, social insurance benefits, and monthly allowances in Vietnam

On June 30, 2024, the Government issued Decree 75/2024/ND-CP on the adjustment of pensions, social insurance benefits, and monthly allowances.

According to the decree, the pension increase in 2024 is regulated as follows:

From July 1, 2024, an additional 15% adjustment is applied to the pension, social insurance benefits, and monthly allowances of June 2024 for the eligible individuals specified in Clause 1, Article 1 of Decree 75/2024/ND-CP.

From July 1, 2024, individuals currently receiving pensions, social insurance benefits, and monthly allowances as specified in Clause 2, Article 1 of Decree 75/2024/ND-CP, whose current benefits are lower than 3,500,000 VND per month, will have the following additional adjustments:

+ An increase of 300,000 VND per person per month for those with benefits below 3,200,000 VND per person per month.

+ An increase to 3,500,000 VND per person per month for those with benefits ranging from 3,200,000 VND to below 3,500,000 VND per person per month.

The adjusted pension, social insurance benefits, and monthly allowances will serve as the basis for calculating future adjustments in subsequent revisions.

Issuance of Decree 75 on the adjustment of pensions, social insurance benefits, and monthly allowances in Vietnam - image from internet

Which group of people will have their pensions increased by an additional 15% in 2024 in Vietnam?

According to Article 1 of Decree 75/2024/ND-CP, the scope of adjustment and the applicable subjects are specified as follows:

Scope of adjustment and applicable subjects

1. This decree adjusts the pension, social insurance benefits, and monthly allowances for individuals who were receiving pensions, social insurance benefits, and monthly allowances before July 1, 2024, including:

a) Officials, civil servants, workers, employees, and laborers (including those who voluntarily participate in social insurance, retired individuals from the Nghe An Farmer Social Insurance Fund transferred to voluntary social insurance according to Decision 41/2009/QD-TTg dated March 16, 2009, of the Prime Minister); soldiers, police officers, and essential workers who are currently receiving monthly pensions.

b) Commune-level officials stipulated in Decree 33/2023/ND-CP dated June 10, 2023, regarding commune-level officials and non-professional actors at the commune level, in hamlets and residential areas; Decree 92/2009/ND-CP dated October 22, 2009, of the Government on job titles, quantity, certain regimes, policies for officials and civil servants at the commune level; Decree 34/2019/ND-CP dated April 24, 2019, of the Government amending and supplementing certain provisions on commune-level officials and non-professional actors at the commune level, in hamlets and residential areas; Decree 121/2003/ND-CP dated October 21, 2003, of the Government on regimes and policies for officials and civil servants at the commune level; and Decree 09/1998/ND-CP dated January 23, 1998, of the Government amending and supplementing Decree 50/CP dated July 26, 1995, of the Government on living expenses for commune-level officials currently receiving pensions and monthly allowances.

...

Therefore, the subjects eligible for a 15% increase in pension in 2024 include:

(1) Officials, civil servants, workers, employees, and laborers (including those who voluntarily participate in social insurance, retired individuals from the Nghe An Farmer Social Insurance Fund transferred to voluntary social insurance according to Decision 41/2009/QD-TTg; soldiers, police officers, and essential workers currently receiving monthly pensions.

(2) Commune-level officials 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) Individuals currently receiving monthly labor capacity loss benefits according to legal regulations; individuals currently receiving monthly allowances according to Decision 91/2000/QD-TTg, Decision 613/QD-TTg in 2010; rubber workers currently receiving monthly allowances according to Decision 206-CP in 1979.

(4) Commune-level officials currently receiving monthly allowances according to Decision 130-CP in 1975 and Decision 111-HDBT in 1981.

(5) Soldiers currently receiving monthly allowances according to Decision 142/2008/QD-TTg.

(6) Police officers currently receiving monthly allowances according to Decision 53/2010/QD-TTg.

(7) Soldiers, police officers, and essential workers receiving military or police salary and monthly allowances according to Decision 62/2011/QD-TTg.

(8) Individuals currently receiving monthly occupational accident and occupational disease allowances.

(9) Individuals currently receiving monthly disability allowances before January 1, 1995.

Note: The subjects specified from (1) to (7) retired and were receiving pensions, social insurance benefits, and monthly allowances before January 1, 1995 (including those who were previously receiving labor capacity loss benefits before January 1, 1995, and subsequently continued to receive allowances according to Decision 91/2000/QD-TTg and Decision 613/QD-TTg in 2010), with the adjusted pension, social insurance benefits, and monthly allowances below 3,500,000 VND/month.

In 2024, which agency is responsible for pension payments in Vietnam?

Based on Article 93 of the Law on Social Insurance 2014, the agency responsible for pension payments is as follows:

Social Insurance Agency

1. The social insurance agency is a state agency responsible for implementing social insurance regimes and policies, managing and utilizing social insurance funds, health insurance, and unemployment insurance; inspecting the payment of social insurance, unemployment insurance, health insurance, and other tasks as stipulated by this Law.

2. The government specifies the organization, tasks, and powers of the social insurance agency.

As regulated above, the social insurance agency is a state agency responsible for implementing social insurance regimes and policies, managing and utilizing social insurance funds, health insurance, and unemployment insurance.

Therefore, the social insurance agency will be the entity responsible for pension payments for eligible pension recipients.