According to Decree 75/2024/ND-CP, from July 1, 2024, an additional 15% increase will be made to the pension, social insurance allowance and monthly allowance of June 2024 for the subjects specified in Clause 1, Article 1 of Decree 75/2024/ND-CP.
From July 1, 2024, people who are receiving pensions, social insurance benefits, and monthly allowances according to regulations, after an increase of 15% on pensions, social insurance benefits, and monthly allowances, with a benefit level lower than VND 3,500,000/month, will be adjusted to increase as follows:
- Increase by 300,000 VND/person/month for those with benefits below 3,200,000 VND/person/month;
- Increase by 3,500,000 VND/person/month for those with benefits from 3,200,000 VND/person/month to less than 3,500,000 VND/person/month.
The pension, social insurance allowance, and monthly allowance after adjustment according to the above regulations are the basis for calculating the adjustment of pension, social insurance allowance, and monthly allowance in subsequent adjustments.
In addition, in Article 67 and Clause 2, Article 99 of the Law on Social Insurance 2024 (effective from July 1, 2025), pension adjustments for employees will continue to be implemented, specifically as follows:
- 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.
- Adjust the pension increase appropriately for those with low pensions and those who retired before 1995 to ensure narrowing the pension gap between retirees in different periods.
Thus, according to the above provisions, from the effective date of the Social Insurance Law 2024 (July 1, 2025), pensions will be appropriately adjusted to increase for those with low pensions and those who retired before 1995.
