National Assembly finalizes increase in basic salary, pension, social allowance from July 1, 2024

The content of increasing the basic salary from 1.8 million VND/month to 2.34 million VND/month (increase of 30%) from July 1, 2024 is specifically stated in the Resolution of the 7th Session that was just voted and approved by the National Assembly at the closing session this morning, June 29.

The Resolution clearly states that, based on Conclusion No. 83-KL/TW dated June 21, 2024 of the Politburo and Report No. 329/BC-CP dated June 21, 2024 of the Government, the National Assembly agrees to implement the contents of salary reform; adjust pensions, social insurance benefits, preferential benefits for people with meritorious services and social benefits from July 1, 2024.

Specifically, fully implement 2 contents of salary reform in the enterprise sector in accordance with Resolution No. 27-NQ/TW, including: Adjusting the regional minimum wage according to the provisions of the Labor Code (an average increase of 6% applied from July 1, 2024); regulating the salary mechanism for state-owned enterprises (applied from January 1, 2025).

The National Assembly emphasized implementing salary reform according to Resolution No. 27-NQ/TW in the public sector according to a roadmap, step by step, cautiously, firmly, ensuring feasibility and contributing to improving the lives of salary earners.

From there, the National Assembly assigned the Government to implement the contents that are clear and eligible for implementation, including: perfecting the salary increase regime; supplementing the bonus regime; regulating the funding source for implementing the salary regime; perfecting the salary and income management mechanism.

“Adjust the basic salary from 1.8 million VND/month to 2.34 million VND/month (increase 30%) from July 1, 2024” – the National Assembly resolution clearly stated.

For agencies and units that are applying special financial and income mechanisms at the central level, the Government, relevant ministries and branches continue to review the entire legal framework to submit to competent authorities for consideration and decision on amending or abolishing the special financial and income mechanisms of agencies and units that are being implemented appropriately before December 31, 2024; reserving the difference between the salary and additional income in June 2024 of cadres, civil servants and public employees with the salary from July 1, 2024 after amending or abolishing the special financial and income mechanisms.

During the period of not amending or abolishing, the following shall apply: from July 1, 2024, the monthly salary and additional income will be calculated based on the basic salary of VND 2.34 million/month according to a special mechanism ensuring that it does not exceed the salary and additional income received in June 2024 (excluding the salary and additional income due to adjustment of the salary coefficient of the salary scale and grade when upgrading the grade or grade).

In case of calculation according to the above principle, if the salary and income increase from July 1, 2024 according to the special mechanism is lower than the salary according to general regulations, the salary regime according to general regulations will be implemented.

From July 1, 2024, the current pension and social insurance benefits will be adjusted up by 15% (June 2024).

For those receiving pension before 1995, if after adjustment the benefit level is lower than 3.2 million VND/month, it will be adjusted to increase by 300,000 VND/month. If the benefit level is from 3.2 million VND/month to less than 3.5 million VND/month, it will be adjusted to equal 3.5 million VND/month.

Adjust the preferential allowance for meritorious people according to the standard allowance level from VND 2,055,000 to VND 2,789,000/month (an increase of 35.7%), maintaining the current correlation of preferential allowance levels for meritorious people compared to the standard allowance level; adjust social allowance according to the standard social assistance level from VND 360,000 to VND 500,000/month (an increase of 38.9%);

The Government will report to the National Assembly on the implementation at the 9th Session of the 15th National Assembly.

The National Assembly also assigned the National Assembly Standing Committee to consider regulations on salaries and policies for full-time National Assembly deputies, full-time People's Council deputies, cadres, civil servants, public employees, other workers of the National Assembly Office and other subjects under its authority as prescribed by law.

Source: https://kinhtedothi.vn/quoc-hoi-chot-tang-luong-co-so-luong-huu-tro-cap-xa-hoi-tu-1-7-2024.html