The 2024 Social Insurance Law takes effect from July 1, 2025. According to Article 67 and Clause 2, Article 99 of this Law, employees' pensions will continue to be adjusted based on the increase in the consumer price index, in accordance with the capacity of the State budget and the social insurance fund.
Previously, from July 1, 2024, people receiving pensions, social insurance benefits, and monthly allowances according to regulations have had their pensions increased for the second time.
After an additional 15% increase in the pension, social insurance allowance and monthly allowance, people with a lower benefit level of 3.5 million VND/month will be adjusted to increase according to Decree 75/2024/ND-CP of the Government. Specifically as follows:
For those with a benefit level below 3.2 million VND/person/month: Increase by 300,000 VND/person/month.
For those with a benefit level from 3.2 million VND/person/month to less than 3.5 million VND/person/month: Increase to 3.5 million VND/person/month.
After adjustment according to the above regulations, this monthly pension, social insurance allowance, and allowance will be used as the basis for calculating pension, social insurance allowance, and monthly allowance adjustments in subsequent adjustments.
Thus, the group of subjects whose pensions will be adjusted up for the third time from July 1, 2025 is those with low pensions and those who retired before 1995.
Monthly pension level from 1.7.2025:
For female workers:
Pension = 45% of the average salary for social insurance contributions + 2% for each year of social insurance contributions, up to 75%.
For male workers who have paid social insurance for 20 years:
Pension = 45% of the average salary for social insurance contributions + 2% for each year of social insurance contributions, up to 75%.
For male workers with a social insurance payment period of less than 20 years:
Pension = 40% of the average salary for social insurance contributions corresponding to 15 years + 1% for each additional year of contributions.
In case of early retirement:
Less than 6 months: no reduction in pension rate.
From 6 to under 12 months: down 1%.
Subjects with social insurance payment period according to international treaties:
If the payment period is less than 15 years, each year of payment is calculated at 2.25% of the average salary used as the basis for social insurance payment.
