How to calculate pension and social insurance benefits from July 2023

The Government has just issued Decree 42/2023/ND-CP adjusting pensions, social insurance benefits and monthly allowances from July 1, 2023. For each increase, the formula for calculating pensions , social insurance benefits and monthly allowances is specified below.

Illustration photo: VGP.

Increase by 12.5% ​​on pension, social insurance benefits and monthly allowances of June 2023 for subjects regulated under Decree 108/2021/ND-CP. Specifically:

Pension, social insurance benefits, monthly allowance from July 2023 = Pension, social insurance benefits, allowance of June 2023 x 1.125.

Increase by 20.8% on pension, social insurance benefits and monthly allowances of June 2023 for subjects not yet adjusted under Decree 108/2021/ND-CP. Specifically:

Pension, social insurance benefits, monthly allowance from July 2023 = Pension, social insurance benefits, allowance of June 2023 x 1.208.

From July 1, 2023, pension, social insurance benefits and monthly allowances will be adjusted for people with pension, social insurance benefits and monthly allowances below VND 2,700,000/person/month:

Pension, social insurance benefits, monthly allowance after adjustment = Pension, social insurance benefits, monthly allowance before adjustment + 300,000 VND/month.

For people with pension, social insurance benefits, monthly allowance from 2,700,000 VND/person/month to less than 3,000,000 VND/person/month:

Pension, social insurance benefits, monthly benefits after adjustment = 3,000,000 VND/month.

According to MINH HUONG/LDO

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