Official Adjustment of the Increase in Statutory Pay Rate, Pensions, and Social Insurance Benefits from July 01, 2020

19:02, 09/07/2024

This is the notable content in Decision 1704/QD-TTg on the allocation of the state budget estimate for 2020, issued on November 29, 2019.

To be specific, according to this Decision, from July 1, 2020, the statutory pay rate will be adjusted from 1.49 million VND/month to 1.6 million VND/month; concurrently, adjustments will be made to pensions, social insurance allowances, monthly allowances as per regulations (for those guaranteed by the state budget) and preferential allowances for people with meritorious services to the revolution to increase equivalent to the statutory pay rate.

Besides, the current regulations on policies to generate funds for wage reform in 2020 will continue to be implemented from a part of retained revenue according to the policies of agencies and units; saving 10% of the increase in regular expenditures (excluding wage payments, salary-based allowances, items of a salary nature, and human expenditure according to policies); the remaining funds for wage reform until the end of 2019 will be transferred (if available).

For more related content, see: Decision 1704/QD-TTg effective from November 29, 2019.

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