Pay pensions, social insurance benefits and monthly benefits at new levels from August 14, 2023

(People's life) - In order to promptly ensure that beneficiaries of the policies prescribed in Decree No. 42 receive them as soon as possible, in the payment period of August 2023, the Vietnam Social Security sector will organize the payment of pensions, social insurance benefits and monthly benefits at the new benefit levels from August 14, 2023 (the effective date of Decree No. 42); at the same time, fully pay back the additional difference not yet received in July 2023 to beneficiaries.

Pursuant to the provisions on the effective date of Decree No. 42/2023/ND-CP dated June 29, 2023 of the Government (Decree No. 42), Circular No. 06/2023/TT-BLDTBXH dated June 29, 2023 of the Ministry of Labor, Invalids and Social Affairs , the direction of Deputy Prime Minister Tran Hong Ha and the opinion of the Ministry of Labor, Invalids and Social Affairs on the payment of pensions, social insurance benefits and monthly allowances according to Decree No. 42, Vietnam Social Security said that it will organize the payment of pensions, social insurance benefits and monthly allowances at the new benefit levels from August 14, 2023 (the effective date of Decree No. 42); at the same time, fully pay back the additional difference not yet received in July 2023 to beneficiaries.

Previously, in order to promptly ensure the rights of beneficiaries and perform assigned functions and tasks, on July 12, 2023, Vietnam Social Security issued Official Dispatch No. 2122/BHXH-CSXH to request consensus from the Ministry of Labor, Invalids and Social Affairs so that Vietnam Social Security can organize the payment of benefits to beneficiaries according to the provisions of Decree No. 42 from August 14, 2023 and pay back the additional difference of July 2023.

Currently, Vietnam Social Security has been and is continuing to direct related professional units and Social Security of provinces and cities to fully prepare conditions and be ready to deploy the payment of pensions and allowances to beneficiaries smoothly and in accordance with regulations such as: updating the Payment Management Software for beneficiaries of monthly Social Security regimes; creating and transferring payment lists according to regulations; coordinating with the Post Office to provide funding and have a plan to organize timely pension payments according to the new benefit levels to beneficiaries from August 14...

According to Decree 42, from July 1, 2023, pensions, social insurance benefits and monthly allowances will increase from 12.5% to 20.8%. Of which, the 12.5% increase applies to those receiving pensions and monthly allowances. The 20.8% increase on the pension base of June 2023 is for those receiving state salaries who retire from January 1, 2022 to before July 1, 2023.

Those who retired and received monthly pensions and benefits before 1995, after adjustment, still received less than 3 million VND, will have their monthly pension increased to 3 million VND. Specifically, those receiving less than 2.7 million VND will receive an additional 300,000 VND; those receiving from 2.7 to less than 3 million will receive an increase to 3 million VND.

After adjustment, the average monthly pension of pensioners guaranteed by the State budget increased from about 4.7 million VND/person/month to 5.3 million VND/person/month. The average monthly pension of pensioners guaranteed by the Social Security Fund increased from about 5.6 million VND/person/month to 6.3 million VND/person/month.

The budget from the Social Insurance Fund is also expected to increase by about VND 9,258 billion, and the State budget will increase by VND 2,662 billion in 2023 to increase pensions, social insurance benefits and monthly allowances for people.

HOAI THU

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