Increase in pension and social insurance benefits for many subjects from July 1, 2023 in Vietnam

Increase in pension and social insurance benefits for many subjects from July 1, 2023 in Vietnam

The time and level of adjustment of pension, social insurance allowance and monthly allowance are specified as follows:

(1) From July 1, 2023, the following adjustments will be made:

- Increase by 12.5% on the monthly pension, social insurance allowance, and allowance of June 2023 for the subjects specified in Clause 1, Article 1 of Decree 42/2023/ND-CP, which has been adjusted according to Decree 108/2021/NĐ-CP.

- An increase of 20.8% on the monthly pension, social insurance allowance, and allowance of June 2023 for the subjects specified in Clause 1, Article 1 of Decree 42/2023/ND-CP that have not been adjusted under Decree 108/2021/NĐ-CP.

In which, the subjects specified in Clause 1, Article 1 of Decree 42/2023/NĐ-CP include:

+ Cadres, civil servants, workers, public employees, and employees (including those who have time to participate in voluntary social insurance, retirees from Nghe An farmer's social insurance fund was transferred under Decision 41/2009/QĐ-TTg); military personnel, people's police, and people doing cipher work are receiving monthly pensions.

+ Officials of communes, wards, and townships specified in Decree 92/2009/NĐ-CP, Decree 34/2019/NĐ-CP, Decree 121/2003/NĐ-CP, and Decree 09/1998/NĐ-CP.

+ Persons receiving monthly allowance for loss of working capacity as prescribed by law; people who are receiving monthly allowance under Decision 91/2000/QĐ-TTg, Decision 613/QĐ-TTg dated May 6, 2010; rubber workers are enjoying monthly allowance according to Decision 206-CP dated 30/5/1979.

+ Commune, ward, and township cadres who are receiving monthly allowances according to Decision 130-CP dated June 20, 1975 of the Government Council, supplementing policies and remuneration regimes for commune officials, and Decision 111-HĐBT dated October 13, 1981.

+ Soldiers receiving a monthly allowance according to Decision 142/2008/QĐ-TTg (amended by Decision 38/2010/QĐ-TTg).

+ The People's Police receiving monthly allowances according to Decision 53/2010/QĐ-TTg.

+ Soldiers, people's police, and people doing cipher work receive salaries like soldiers and people's police, who are receiving monthly allowances according to Decision 62/2011/QĐ-TTg.

+ Persons receiving monthly labor accident and occupational disease allowance.

+ Persons receiving monthly survivorship allowance before January 1, 1995.

(2) From July 1, 2023, people who are enjoying pensions, social insurance benefits, and monthly allowances as prescribed in Clause 2, Article 1 of Decree 42/2023/ND-CP, after adjusting according to point (1), if the benefit is lower than VND 3,000,000/month, the adjustment will be increased as follows:

+ An increase of 300,000 VND/person/month for those who receive less than 2,700,000 VND/person/month;

+ Increase to 3,000,000 VND/person/month for those who enjoy from 2,700,000 VND/person/month to less than 3,000,000 VND/person/month.

(3) The pension, social insurance allowance, and monthly allowance after adjustment according to the provisions of this Article shall be the basis for calculating the adjustment of the pension, social insurance allowance, and monthly allowance in subsequent adjustments.

More details can be found in Decree 42/2023/ND-CP, effective as of August 14, 2023.

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