New Regulations on Increasing Pensions and Monthly Allowances

13:33, 11/07/2024

Decree 55/2016/ND-CP guides certain aspects related to pensions and allowances for officials, workers, public employees, and laborers; military personnel, public security officers, and cipher workers; and officials of wards, communes, and commune-level towns currently receiving pensions and monthly allowances.

The adjustment of pension benefits and monthly allowances for the aforementioned subjects is as follows:

- Increase the pension and monthly allowance by 8% for employees who began receiving their pension and monthly allowance from January 1, 2015, to before May 1, 2016.

In cases where the 8% increase was previously applied, the current benefit level remains unchanged.

- From May 1, 2016, maintain the benefit level for subjects who have had their benefit increased by 8% previously.

- For employees eligible for social insurance contributions upon retirement from May 1, 2016, onwards, the pension is calculated based on the new statutory pay rate of 1,210,000 VND/month.

Decree 55 also stipulates the increase in pension, work capacity loss allowance, and monthly allowance when the benefit for the aforementioned subjects is below 2,000,000 VND/month.

Decree 55/2016/ND-CP takes effect from August 1, 2016.

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