Average pension: 6.2 million VND/month

(Dan Tri Newspaper) - Currently, the average pension in Vietnam is about 6.2 million VND/month, equivalent to 70% of the average per capita income.

Regarding the opinion that pensions in our country are low, Mr. Pham Truong Giang, Director of the Social Insurance Department, Ministry of Labor, Invalids and Social Affairs, said that currently, the average pension is 6.2 million VND per person.

According to the Director of the Social Insurance Department, international practice shows that pensions are compared to per capita income. In Vietnam, the average pension is approximately 70% of per capita income. Meanwhile, this ratio in other countries is commonly only around 30%.

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Quang Tri province has 25,441 people receiving pensions and social insurance benefits, with a 15% increase effective from July 1, 2024.

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"Therefore, Vietnam's pensions are not low; it's just that a segment of workers who retired before 1995 have low pensions. This is because at that time, workers had short working periods and retired early," Mr. Giang explained.

According to statistics from the Vietnam Social Insurance, nearly 3.4 million people nationwide currently receive monthly retirement benefits and social insurance allowances.

From 1995 to the present, the National Assembly and the Government have adjusted pensions 24 times. After these adjustments, the current pension level for retirees has increased from 21 to 26 times compared to the pension level in 1995.

The most recent pension increase, effective July 1, 2024, under Decree 75/2024/ND-CP, saw a 15% increase. For those who retired before 1995, if their monthly pension remained below 3.5 million VND after the 15% increase, it would be adjusted upwards once more.

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Specifically, 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.

Source: https://dantri.com.vn/an-sinh/luong-huu-binh-quan-62-trieu-dongthang-20250111091726881.htm