Special attention to retirees

According to the assessment of authorities, experts, people and businesses, this time's pension adjustment with a high increase ensures fairness, harmony and reasonableness.

The 15% pension increase is the highest increase ever, demonstrating the special attention of the Party and State to workers when they reach retirement age. According to Article 57 of the current Law on Social Insurance, "The Government shall regulate pension adjustments based on the increase in the consumer price index and economic growth in accordance with the state budget and the social insurance fund". Thus, the proposal to adjust pensions and social insurance benefits by 15% is a high increase compared to the consumer price index and economic growth. According to data from the General Statistics Office, in 2023, economic growth will reach 5.05% and the consumer price index (CPI) will increase by 3.25%. In 2024, implementing the Resolution of the National Assembly, the Government is determined to achieve growth of over 6% and the consumer price index will be below 4%. This 15% pension increase is also the highest increase ever (since 1995, the State has increased pensions 23 times). In addition to the monthly pension, beneficiaries are also given a free health insurance card during their retirement to enjoy medical examination and treatment and health care benefits paid by the Health Insurance Fund at a rate of 95%.

The 15% pension increase has been calculated and considered in accordance with the contribution capacity of enterprises and employees, the balancing capacity of the State budget and the Social Insurance Fund. This increase rate ensures fairness, reasonableness, harmony, and sharing between pensioners and social insurance contributors, between the State and non-State sectors, and between generations participating in and benefiting from social insurance policies. According to statistics from the Vietnam Social Insurance, there are about 3.3 million pensioners and monthly social insurance benefits that will be increased by 15% this time, including all pensioners through the periods, regardless of whether they work in the State sector, the business sector, or voluntary social insurance participants... With such an adjustment, the Social Insurance Fund, although still facing difficulties, will still ensure balance in the long term.

The 15% pension increase has been calculated and considered in accordance with the salary adjustment roadmap between regions, ensuring harmony and fairness between state sector salary earners, preferential allowances for people with revolutionary contributions, social security allowances, pensioners and employees working in the enterprise sector. In the context of many difficulties for enterprises, it is expected that the regional minimum wage will increase by 6% from July 1, 2024.

Regarding this pension adjustment, Dr. Bui Sy Loi, former Vice Chairman of the National Assembly's Committee on Social Affairs, said that "in the current difficult conditions, we have controlled inflation. The expected increase in pensions and social insurance benefits by 15% is a great effort of the Government, demonstrating special attention to pensioners."

In response to the information about the proposal to increase pensions and social insurance benefits, beneficiaries are currently very happy and excited. Retired for nearly 20 years, Mr. Nguyen Van An (born in 1948, Hanoi), working in a Government agency, said that the State has adjusted salaries many times, and according to his observations, each adjustment period, the increase for groups of subjects: cadres, civil servants, public employees and retirees is equivalent. This has created consensus and fairness for retirees before and after the salary increase and there is not much difference. In response to the information that the Government proposed to increase pensions by 15%, Mr. An said that the 15% increase is reasonable, ensuring good social security in the current period.

As a government agency assigned to implement social insurance and health insurance policies, Vietnam Social Security is always proactive and ready to prioritize all resources and synchronously deploy solutions, develop specific plans, apply information technology... to best ensure the payment of pensions and social insurance benefits to beneficiaries in a timely, fast, accurate, safe and effective manner; strengthen inspection and supervision of the payment process; coordinate to resolve and handle arising situations, promptly reflect problems in the implementation process.

Source: https://vov.vn/kinh-te/tang-luong-huu-va-tro-cap-bhxh-su-quan-tam-dac-biet-voi-nguoi-nghi-huu-post1103412.vov