Instructions on increasing pensions from July 1, 2023 in Vietnam issued by the Ministry of Labor

Duong Chau Thanh

08:59, 14/07/2023

The Minister of Labor, War Invalids and Social Affairs issued Circular 06/2023/TT-BLDTBXH date June 29, 2023 adjusting retirement pensions, social insurance allowances and monthly benefits in Vietnam.

Instructions on increasing pensions from July 1, 2023 in Vietnam

From July 1, 2023, pensions, social insurance allowances, and monthly allowances in Vietnam are adjusted as follows:

- Increased by 12,5% compared to the amount of June 2023 adjusted by Decree 108/2021/ND-CP. Specifically:

Amount of pensions, social insurance allowances, and monthly allowances from July 2023 = Amount of pensions, social insurance allowances, and monthly allowances in June 2023 x 1,125

- Increased by 20,8% compared to the amount of June 2023 that was not adjusted in Decree 108/2021/ND-CP. Specifically:

Amount of pensions, social insurance allowances, and monthly allowances from July 2023 = Amount of pensions, social insurance allowances, and monthly allowances in June 2023 x 1,208

- For persons who receive pensions, social insurance allowances, and monthly allowances below 2.700.000 VND per month:

Pensions, social insurance allowances, and monthly allowances after adjustments = Pensions, social insurance allowances, and monthly allowances after adjustments according to Clause 1 Article 2 of Circular 06/2023/TT-BLDTBXH + 300.000 VND per month

- For persons who receive pensions, social insurance allowances, and monthly allowances from 2.700.000 VND per month to below 3.000.000 VND per month:

Pensions, social insurance allowances, and monthly allowances after adjustments = 3.000.000 VND per month

More details can be found in Circular 06/2023/TT-BLDTBXH taking effect on August 14, 2023. The regulations in Decree 108/2021/ND-CP will be implemented from July 1, 2023.

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