How pensions and benefits will be calculated from July when the increase is 15%.

Pensions and benefits starting in July will increase by 15% compared to June 2024. Therefore, the July pension/benefit amount = Monthly pension/benefit amount in June x 1.15.

According to the Decree adjusting pensions, social insurance benefits, and monthly allowances, those receiving benefits before January 1, 1995, who, after the 15% adjustment, have a benefit level lower than 3.5 million VND/month, will be entitled to an increase.

Accordingly, the allowance will be increased by 300,000 VND/person/month for those receiving less than 3.2 million VND/person/month; and increased to 3.5 million VND/person/month for those receiving between 3.2 million VND/person/month and less than 3.5 million VND/person/month.

According to statistics from the Vietnam Social Insurance, more than 3.3 million people will have their pensions and monthly allowances adjusted upwards.

It is projected that the additional funding to cover monthly pension and social insurance benefits for the last six months of 2024 will come from the State budget of approximately 3,700 billion VND and from the Social Insurance Fund of over 12,500 billion VND. The total projected cost for increasing pensions, social insurance benefits, and monthly allowances for the last six months of 2024 is over 16,200 billion VND.

Thus, from 1995 to the present, Vietnam has adjusted pensions 24 times. After many adjustments, the current pension level for retirees has increased from 21 to 26 times compared to the pension level in 1995.

The highest pensioner is Mr. PPNT in Ho Chi Minh City, receiving approximately 161 million VND per month since July, an increase of about 21 million VND compared to his June payment.

The lowest monthly pension amount currently received by beneficiaries is 2.34 million VND/person/month (due to the base salary from July being 2.34 million VND), excluding those who are part-time workers at the commune, ward, or town level.

Source: https://dantri.com.vn/an-sinh/cach-tinh-luong-huu-tro-cap-tu-thang-7-khi-muc-tang-15-20240702101455990.htm