YouMe Law Firm LLC replied:
Article 99 of the Law on Social Insurance 2024 (effective from July 1, 2025) stipulates:
Monthly pension
1. The monthly pension level of eligible subjects specified in Article 98 of this Law is calculated as follows:
a) For female employees, it is 45% of the average income used as the basis for social insurance contributions as prescribed in Article 104 of this Law, corresponding to 15 years of social insurance contributions, then for each additional year of contributions, an additional 2% is calculated, with a maximum of 75%;
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2. Pension adjustment is carried out in accordance with the provisions of Article 67 of this Law.
Article 67 of the Law on Social Insurance 2024 stipulates as follows:
Pension adjustment
1. Pensions are adjusted based on the increase in the consumer price index in accordance with the capacity of the state budget and social insurance fund.
2. Adjust the pension increase appropriately for those with low pension levels and those who retired before 1995 to ensure narrowing the pension gap between retirees in different periods.
3. The Government shall prescribe the time, subjects and levels of pension adjustment prescribed in this Article.
Thus, when the Social Insurance Law 2024 comes into effect (from July 1, 2025), it stipulates that people with low pensions and those who retired before 1995 will continue to have their pensions increased to narrow the pension gap between retirees in different periods.
This regulation means that the policy of increasing pensions for people with low pensions and those who retired before 1995 will be implemented, but there is no regulation on the official time of pension increase. The Government will have regulations on the specific time of pension increase.
It is possible that when the Social Insurance Law 2024 comes into effect, there will be a document with detailed instructions on the specific timing and level of pension increase.
