From July 1, 2023, how will pension increases, social insurance benefits and monthly allowances be specifically adjusted?

Increase pensions, social insurance benefits and monthly allowances from July 1, 2023.

On November 11, 2022, the National Assembly passed a Resolution on the 2023 state budget estimate. Accordingly, from July 1, 2023, the basic salary for officials, civil servants and public employees will be increased to 1.8 million VND/month, equivalent to an increase of 20.8% compared to the current basic salary. Currently, the applied basic salary is 1.49 million VND/month.

Currently, according to Decree 204/2004/ND-CP, civil servant and public employee salaries are calculated using the following formula: Salary = Basic salary x Salary coefficient.

From July 1, 2023, pensions, social insurance benefits and monthly allowances will be adjusted to increase from 12.5% to 20.8% according to Decree No. 42/2023/ND-CP dated June 29, 2023 of the Government . This Decree takes effect from August 14, 2023. The provisions of the Decree will be implemented from July 1, 2023.

Source: https://baoquocte.vn/tu-172023-tang-luong-huu-tro-cap-bao-hiem-xa-hoi-va-tro-cap-hang-thang-duoc-dieu-chinh-cu-the-the-nao-233027.html