After 23 increases, what are the highest and lowest pension levels?

According to the Vietnam Social Security report, social insurance coverage has been expanding every year. By the end of 2023, 18.2 million people will participate in social insurance.

The social insurance coverage rate compared to the working-age labor force in the 2013-2022 period also increased rapidly, from 23.4% in 2013 to nearly 38.1% in 2022 compared to the working-age labor force.

Currently, the average salary for social insurance contributions of employees in the administrative, career, and party organization groups is 6.936 million VND, and that of employees in the enterprise and cooperative groups is 6.382 million VND. The difference in salary contributions between the two groups is about 9%.

As of April 1, 2021, Vietnam's population reached 98.2 million, of which 12.5 million were aged 60 and over. The number of elderly people receiving monthly pensions and social insurance benefits has increased, accounting for 20.7% of the total elderly population.

Sau 23 lần tăng, mức lương hưu cao nhất, thấp nhất là bao nhiêu? - 1 — People receive monthly pensions (Photo: Hoa Le).

In recent times, the number of people receiving monthly pensions and social insurance benefits has also increased. If in 2016 there were nearly 2.9 million beneficiaries, by 2022 there will be about 3.3 million beneficiaries, corresponding to an increase of 13.62%, on average in the period 2016-2022.

Of which, the number of people receiving monthly pensions and social insurance benefits from the Social Insurance Fund increased faster, with an average increase of 5.32% per year.

Contrary to the trend of the Social Insurance Fund, the number of people receiving monthly pensions and social insurance benefits from the state budget is gradually decreasing, with an average decrease of 2.88% per year in the 2016-2022 period.

In order to ensure the living standards of retirees, from 1995 to the end of 2023, the National Assembly and the Government have adjusted pensions 23 times. After many adjustments, the current pension level of retirees has increased from 21 to 26 times compared to the pension level in 1995.

Currently, pensioners from the Social Insurance Fund receive an average of 5.6 million VND/person/month, while pensioners from the State budget receive 4.7 million VND/person/month.

The person with the highest pension is Mr. PPNT in Ho Chi Minh City, receiving about 140 million VND/month.

The lowest monthly pension amount for beneficiaries is currently 1.8 million VND/person/month, except for those who are part-time workers in communes, wards and towns.

Previously, Vietnam Social Security proposed that the pension adjustment rate from July 1, 2024 at about 8% is appropriate.

The proposal is based on a 3.25% increase in the consumer price index in 2023 and a 5.05% economic growth in 2023.

Source