Increase pensions and social insurance benefits from July 1, 2024 for more than 3.3 million people

Increasing pensions and social insurance benefits: Ensuring fairness and harmony among policy beneficiaries

According to the Government's proposal, it is expected that from July 1, 2024, pensions and social insurance benefits will be adjusted to increase by up to 15%. If the proposal is approved, this will be the highest increase in pensions and social insurance benefits ever.

The Government proposes to increase the current pension and social insurance benefits by 15% from July 1, 2024 (based on the June 2024 benefit level).

The scope of application of the policy is very broad, reaching more than 3.3 million people, including pensioners from compulsory social insurance (public and private sectors) and voluntary social insurance participants.

Specifically, the Government proposes to increase the current pension and social insurance benefits by 15% from July 1, 2024 (based on the June 2024 benefit level).

At the same time, for those who were receiving pensions before 1995, after adjustment, if the benefit level is lower than 3.2 million VND/month, the adjustment will increase by 0.3 million VND/month, if the benefit level is from 3.2 million VND/month to less than 3.5 million VND/month, the adjustment will be equal to 3.5 million VND/month.

This increase rate has been carefully calculated by management agencies, ensuring fairness, reasonableness, harmony, and sharing between pensioners and social insurance contributors, between the state and non-state sectors, between generations participating in and benefiting from the policy; while ensuring the ability to balance the Social Insurance Fund in the long term.

This synchronous adjustment shows the Government's determination in implementing the orientations and goals in Resolution No. 28-NQ/TW of the 7th Conference of the 12th Central Committee of the Communist Party of Vietnam on reforming social insurance policies.

According to the Resolution, reforming social insurance policies is both urgent and long-term; harmoniously combining inheritance and stability with innovation and development, and must be placed in correlation with innovation and development of other social policies, especially the salary, income, and social assistance regimes so that all citizens are guaranteed social security.

Regarding the specific goal, by 2025, nationwide, about 55% of people over retirement age will receive monthly pensions, social insurance and social retirement benefits; by 2030, this figure will be 60%.

To achieve the above objectives, major and synchronous adjustments are needed, strongly promoting the sharing nature of the Social Insurance Fund from the contributions of all labor components and between generations of laborers over time; at the same time, support from other State resources is needed.

Therefore, the Government proposes to allow the expansion of the scope of using the accumulated salary reform resources of the central and local budgets to spend on adjusting pensions, social insurance benefits, preferential benefits for people with meritorious services, social subsidies, social security policies and streamlining payrolls.

In addition, from July 1, 2024, the Government also proposed to increase the regional minimum wage by 6%. Implementing the above proposals will ensure that employees' pensions are guaranteed to increase in the long term, taking into account the capacity of enterprises and the support of the State; ensuring the ability to balance the Social Insurance Fund in the long term.

As a government agency assigned to implement social insurance policies; proactively and ready to implement policy changes from the National Assembly, the Government and the Ministry of Labor, War Invalids and Social Affairs, Vietnam Social Security is ready to focus all resources to implement when the proposal is approved by the National Assembly, including synchronously deploying solutions, developing plans, especially the application of information technology; strengthening inspection and supervision of the payment process; coordinating to resolve and thoroughly handle arising situations, promptly reflecting difficulties in the implementation process to best ensure the timely and effective payment of pensions and social insurance benefits to beneficiaries.

From July 1, 2024, the Government also proposed to increase the regional minimum wage by 6%. Implementing the above proposals will ensure that employees' pensions are guaranteed to increase in the long term, taking into account the capacity of enterprises and the support of the State; ensuring the ability to balance the Social Insurance Fund in the long term.

Ensuring life for retirees

Many beneficiaries are very happy about the proposed increase in pensions and social insurance benefits.

Retired for more than 22 years, Ms. Tran Thi Kim Dung, 77 years old, a former employee of a state agency, shared her excitement about the current pension increase regulation.

She said that in the past, the State has adjusted salary increases many times, and according to his observation, each adjustment period, the increase levels for groups of subjects: cadres, civil servants, public employees and retirees are equivalent. This has created consensus and fairness for retirees before and after the salary increase and there is not much difference.

Regarding the information that the Government proposed to increase pensions by 15%, Ms. Dung commented that this increase is reasonable, suitable for the conditions of pensioners and contributes to ensuring good social security issues in the current period.

To ensure the lives 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. The pension level is not fixed at the time of retirement but is periodically adjusted to increase according to the consumer price index and economic growth in accordance with the State budget and the Social Insurance Fund to ensure the life of retirees.

The Government's regular issuance of regulations adjusting pension levels has been and is making an important contribution to stabilizing the lives of retirees, demonstrating the State's special concern for workers when they reach retirement age.

In addition to the monthly pension, beneficiaries are also provided with a free health insurance card during their retirement period. Through this, they are entitled to medical examination, treatment and health care benefits paid by the Health Insurance Fund at a rate of 95%.

To ensure the lives of retirees, from 1995 to the end of 2023, the National Assembly and the Government have adjusted pensions 23 times.

Source: https://nhandan.vn/tang-luong-huu-va-tro-cap-bao-hiem-xa-hoi-tu-ngay-17-hon-33-trieu-nguoi-duoc-huong-loi-post815736.html