Article 2 of Decree 75/2024/NĐ-CP stipulates as follows:
Time and adjustment rate
1. From July 1, 2024, an additional 15% will be adjusted on the monthly pension, social insurance allowance, and monthly allowance of June 2024 for the subjects specified in Clause 1, Article 1 of this Decree.
2. From July 1, 2024, individuals receiving a monthly pension, social insurance allowance, and monthly allowance in accordance with Clause 2, Article 1 of this Decree, after adjusting in accordance with Clause 1 of this Article, with a benefit rate lower than 3,500,000 VND/month, will be adjusted as follows: An additional 300,000 VND/person/month for individuals with a benefit rate below 3,200,000 VND/person/month; and an increase to 3,500,000 VND/person/month for individuals with a benefit rate from 3,200,000 VND/person/month to below 3,500,000 VND/person/month.
3. The monthly pension, social insurance allowance, and monthly allowance after adjusting in accordance with this Article will serve as a basis for calculating the adjustment of the monthly pension, social insurance allowance, and monthly allowance in subsequent adjustments.
In addition, Article 67 of the 2024 Social Insurance Law (effective from July 1, 2025) stipulates as follows:
Adjustment of pension
1. The pension will be adjusted based on the increase in the consumer price index, in accordance with the ability of the state budget and the social insurance fund.
2. The pension increase will be adjusted fairly for individuals with low pensions and those who retired before 1995, ensuring the narrowing of the gap in pension differences between individuals who retired at different times.
3. The Government will specify the time, subjects, and adjustment rate of the pension in accordance with this Article.
Accordingly, the increase in pension for individuals who retired before 1995, as specified in Clause 2, Article 1 of Decree 75/2024/NĐ-CP, is as follows:
- Round 1: An increase of 15%.
- Round 2: An increase of the pension to 3,500,000 VND/month or an additional 300,000 VND.
This case only applies when the pension has been increased by 15% but is still below 3,500,000 VND/month, specifically:
+ An increase to 3,500,000 VND/month: for individuals with a benefit rate from 3,200,000 VND/person/month to below 3,500,000 VND/person/month.
+ An additional 300,000 VND/person/month: for individuals with a benefit rate below 3,200,000 VND/person/month.
- Round 3: An increase in pension to narrow the gap in pension differences between individuals who retired at different times (applicable from July 1, 2025).
Thus, from July 1, 2025, individuals who retired before 1995 will be eligible for a pension increase in Round 3.
