What are details of Decree 75/2024/ND-CP on adjustment of retirement pensions, social insurance allowances and monthly benefits in Vietnam for 2024?
What is Social Insurance? What are details of Decree 75/2024/ND-CP on adjustment of retirement pensions, social insurance allowances and monthly benefits in Vietnam for 2024?
Pursuant to the provisions of Clause 1, Article 3 of the Law on Social Insurance 2014, social insurance is the assurance of substituting or partially compensating for the income of employees when they suffer a reduction or loss of income due to sickness, maternity, occupational accidents, occupational diseases, retirement, or death, based on their contributions to the social insurance fund.
On June 30, 2024, the Government of Vietnam issued Decree 75/2024/ND-CP on adjustments to retirement pensions, social insurance allowances and monthly benefits in Vietnam.
The increase in pensions in 2024 is stipulated as follows:
From July 1, 2024, an adjustment will be made to increase by 15% on the pension, social insurance benefits, and monthly allowances of June 2024 for subjects specified in Clause 1, Article 1 of Decree 75/2024/ND-CP.
From July 1, 2024, those receiving retirement pensions, social insurance allowances and monthly benefits as prescribed in Clause 2, Article 1 of Decree 75/2024/ND-CP, after adjustment, if the benefit is less than VND 3,500,000/month, will have their benefits adjusted as follows:
+ An increase of VND 300,000/person/month for those receiving less than VND 3,200,000/person/month;
+ An increase to VND 3,500,000/person/month for those receiving from VND 3,200,000/person/month to less than VND 3,500,000/person/month.
The adjusted pension, social insurance benefit, and monthly allowance will serve as the basis for calculating adjustments in subsequent adjustments.
What are details of Decree 75/2024/ND-CP on adjustment of retirement pensions, social insurance allowances and monthly benefits in Vietnam for 2024? (Internet image)
Who is eligible for an increase of 15% in retirement pensions in Vietnam in 2024?
Article 1 of Decree 75/2024/ND-CP specifies the scope and subjects of application:
Scope of Adjustment and Subjects of Application
1. This Decree adjusts retirement pensions, social insurance allowances and monthly benefits for subjects receiving retirement pensions, social insurance allowances and monthly benefits before July 1, 2024, including:
a) Officers, officials, workers, public employees, and employees (including those who voluntarily participate in social insurance, retired individuals from the Nghe An Farmers' Social Insurance Fund transferred as per Decision 41/2009/QD-TTg dated March 16, 2009 of the Prime Minister of the Government of Vietnam on transferring Farmers' Social Insurance in Nghe An to voluntary social insurance); military personnel, public security officers, and cryptographic workers receiving monthly pensions.
b) Commune, ward, and commune-level town officers stipulated in Decree 33/2023/ND-CP dated June 10, 2023 on commune-level officials and those working part-time at the commune level, in hamlets, neighborhoods; Decree 92/2009/ND-CP dated October 22, 2009 of the Government of Vietnam on positions, numbers, and some policies for officials at the commune level; Decree 34/2019/ND-CP dated April 24, 2019 of the Government of Vietnam amending and supplementing a number of provisions on commune-level officials and those working part-time at the commune level, in hamlets, neighborhoods; Decree 121/2003/ND-CP dated October 21, 2003 of the Government of Vietnam on policies for commune-level officials; and Decree 09/1998/ND-CP dated January 23, 1998 of the Government of Vietnam amending and supplementing Decree 50/CP dated July 26, 1995 of the Government of Vietnam on subsistence policies for commune-level officials receiving monthly pensions and allowances.
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Thus, the subjects eligible for a 15% increase in retirement pensions in Vietnam in 2024 include:
(1) Officers, officials, workers, public employees, and employees (including those who voluntarily participate in social insurance, retired individuals from the Nghe An Farmers' Social Insurance Fund transferred as per Decision 41/2009/QD-TTg; military personnel, public security officers, and cryptographic workers receiving monthly pensions).
(2) Commune, ward, and commune-level town officers 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) Persons receiving monthly labor incapacity allowances according to legal provisions; persons receiving monthly allowances as per Decision 91/2000/QD-TTg, Decision 613/QD-TTg in 2010; rubber workers receiving monthly allowances as per Decision 206-CP in 1979.
(4) Commune, ward, and commune-level town officials receiving monthly allowances as per Decision 130-CP in 1975 and Decision 111-HDBT in 1981.
(5) Military personnel receiving monthly allowances as per Decision 142/2008/QD-TTg.
(6) Public security officers receiving monthly allowances as per Decision 53/2010/QD-TTg.
(7) Military personnel, public security officers, and cryptographic workers receiving salaries similar to military officers, public security officers receiving monthly allowances as per Decision 62/2011/QD-TTg.
(8) Persons receiving monthly occupational accident allowances, occupational disease allowances.
(9) Persons receiving monthly survivorship allowances before January 1, 1995.
Note: Subjects specified from (1) to (7) who receive retirement pensions, social insurance allowances and monthly benefits before January 1, 1995 (including those receiving labor incapacity allowances before January 1, 1995, and later continued to receive allowances as per Decision 91/2000/QD-TTg and Decision 613/QD-TTg in 2010), after adjustment, if the benefit is less than VND 3,500,000/month.
Which Agency Will disburse retirement pensions in Vietnam in 2024?
According to Article 93 of the Law on Social Insurance 2014, the social insurance agency is stipulated as follows:
Social Insurance Agency
The social insurance agency is a state body with the function of implementing policies on social insurance, managing and using social insurance funds, health insurance, unemployment insurance; inspecting the payment of social insurance, unemployment insurance, health insurance, and other tasks as prescribed by this Law.
The Government of Vietnam stipulates the specific organization, tasks, and powers of the social insurance agency.
The social insurance agency is a state body tasked with implementing policies on social insurance, managing and using social insurance funds, health insurance, and unemployment insurance.
Thus, the social insurance agency will disburse pensions to those eligible for pensions.
