From August 14, 2023, Vietnam Social Security Will provide pensions and social insurance allowances at new rates in Vietnam

From August 14, 2023, Vietnam Social Security Will provide pensions and social insurance allowances at new rates in Vietnam

To be specific, based on the enforcement of Decree 42/2023/ND-CP, Circular 06/2023/TT-BLDTBXH, the opinion of the Government Office of Vietnam in Official Dispatch 5277/VPCP-KTTH dated July 13, 2023, the opinion of the Ministry of Labor - War Invalids and Social Affairs in Official Dispatch 2664/LDTBXH-BHXH dated July 13, 2023, and the opinion of the General Director dated July 17, 2023.

At the same time, to ensure policies for pensioners, social insurance allowance recipients, and monthly allowance beneficiaries, in the payment period of August 2023, Vietnam Social Security will organize the disbursement of pensions, social insurance allowances, and monthly allowances at the new benefit level from August 14, 2023 (the effective date of Decree 42/2023/ND-CP);

In addition, it will fully reimburse the additional difference not yet received for July 2023.

Sources of funding for adjustments to retirement pensions, social insurance allowances in Vietnam

The sources of funding for adjustments to retirement pensions, social insurance allowances, and monthly benefits in Vietnam applied to the subjects specified in Decree 42/2023/ND-CP are stipulated as follows:

- The state budget ensures it for the beneficiaries of social insurance benefits before January 01, 1995; recipients of monthly allowances according to Decision 91/2000/QD-TTg, Decision 613/QD-TTg of 2010, and the subjects specified at points d, dd, e, and g of clause 1 of Article 1 of Decree 42/2023/ND-CP;

Recipients of pensions according to Decree 159/2006/ND-CP, Decree 11/2011/ND-CP amending Decree 159/2006/ND-CP, and Decree 23/2012/ND-CP.

- The Social Insurance Fund ensures it for the beneficiaries of social insurance benefits from January 01, 1995, onward, including the beneficiaries of pensions and monthly allowances according to: Decree 92/2009/ND-CP, Decree 34/2019/ND-CP, Decree 121/2003/ND-CP, and Decree 09/1998/ND-CP amending Decree 50/CP of 1995.

More details can be found in Official Dispatch 451/CSXH-HT dated July 17, 2023.

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