Two cases will have their pensions increased from July 1, 2024

Which two cases will have their pensions increased from July 1, 2024?

National Assembly Chairman Vuong Dinh Hue has just signed and issued a Resolution of the National Assembly on the state budget estimate for 2024.

Resolution approving the state budget estimate for 2024 with state budget revenue of more than 1.7 million billion VND.

Regarding salary reform, the resolution clearly states that from July 1, 2024, comprehensive salary policy reform will be implemented according to Resolution No. 27-NQ/TW, adjusting pensions, social insurance benefits, monthly allowances, preferential allowances for meritorious people and a number of social security policies currently linked to the basic salary.

Funding for salary reform implementation is guaranteed from the accumulated salary reform fund of the central budget, local budget and a part arranged in the state budget balance expenditure estimate.

Thus, there will be 2 cases of pension increase after salary reform, which are:

+ People in the group of subjects subject to pension increase adjustment.

+ People whose pensions are increased when salary reform is implemented

The pension level of employees is determined based on the benefit rate and the average monthly salary for social insurance contributions. When the average monthly salary for social insurance contributions increases, the pension level will also increase. To receive an increase in pension according to the new salary reform, social insurance participants must meet the following conditions:

+ Meet the requirements on social insurance payment period to receive pension

+ Meet retirement age requirements.

Retirement age of workers in 2024

The 2019 Labor Code (amended), effective from January 1, 2021, stipulates: From 2021, the retirement age of employees under normal conditions is 60 years and 3 months for male employees and 55 years and 4 months for female employees. After that, it will increase by 3 months for male employees and 4 months for female employees each year, until reaching 62 years of age for male employees and 60 years of age for female employees.

According to the roadmap for increasing the retirement age, in 2024, male workers will retire at 61 years old, female workers will retire at 56 years and 4 months old . Then, in 2025, male workers will retire at 61 years and 3 months old and female workers will retire at 56 years and 8 months old...

For workers with reduced working capacity; working in especially arduous, toxic, or dangerous jobs; working in areas with especially difficult socio-economic conditions... can retire earlier, but not more than 5 years earlier than the general regulations.

Thus, the minimum age for early retirement in 2024 according to regulations is 56 years old for male workers; 51 years and 4 months for female workers. In 2025, the earliest retirement age for male workers will be 56 years and 3 months and the earliest retirement age for female workers will be 51 years and 8 months...

Workers with high professional and technical qualifications and some special cases can retire at a higher age but not more than 5 years older than the regulation. That is, in 2024, this special group of workers will retire at the latest at 66 years old for men and 61 years and 4 months old for women.

Upon retirement, the beneficiary will receive a regular monthly pension. The amount of salary received depends on the monthly social insurance contribution and the number of years of contribution. The longer the contribution period, the higher the contribution level, the higher the pension and vice versa. In addition to the salary, the beneficiary is also issued a health insurance card, and most of the medical examination and treatment costs are covered by health insurance during the entire retirement period.

Minh Hoa (t/h)

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