The Ministry of Labor, War Invalids and Social Affairs has just completed a submission to the Government for a Decree adjusting pensions, social insurance benefits, and monthly allowances.
Accordingly, after consulting with relevant ministries and branches, the Ministry of Labor, War Invalids and Social Affairs has submitted to the Government a draft Decree adjusting pensions, social insurance benefits and monthly allowances, effective from July 1, 2023.
8 groups of subjects proposed to have their pensions and social insurance benefits adjusted from July 1, 2019.
The Ministry proposes to adjust pensions, social insurance benefits and monthly allowances for June 2023 for subjects that have been adjusted according to Decree No. 108/2021/ND-CP dated December 7, 2021 of the Government adjusting pensions, social insurance benefits and monthly allowances.
Specifically, it is proposed to increase by 20.8% the pension, social insurance benefits and monthly allowances of June 2023 for subjects not yet adjusted according to Decree No. 108/2021/ND-CP dated December 7, 2021 of the Government adjusting pensions, social insurance benefits and monthly allowances.
The Ministry of Labor, War Invalids and Social Affairs stated: According to the provisions of Clause 1, Article 3 of Resolution No. 69/2022/QH15, beneficiaries of pensions, social insurance benefits, and monthly allowances guaranteed by the state budget will be adjusted to increase by 12.5% and additional support will be provided for those who retired before 1995 with low benefits.
According to Article 57 of the Law on Social Insurance, pensions are adjusted based on the increase in the consumer price index and economic growth, in accordance with the capacity of the budget and the social insurance fund. And, from July 1, 2023, the basic salary will be adjusted from VND 1,490,000/month to VND 1,800,000/month (an increase of 20.8%).
According to the Ministry of Labor, War Invalids and Social Affairs, this will increase the pension, social insurance benefits and monthly allowances of some people who retire from receiving pension, social insurance benefits and monthly allowances from July 1, 2023 onwards. Because the determination of pension, social insurance benefits and monthly allowances for some insurance regimes of the Law on Social Insurance is determined according to the basic salary level.
In addition, because in 2022, only pensions will be adjusted without adjusting the basic salary, employees who have paid social insurance according to the salary regime prescribed by the State when retiring and receiving monthly social insurance benefits from January 1, 2022 until before July 1, 2023 will receive 7.4% lower than those who retire before January 1, 2022 and those who retire from July 1, 2023 onwards.
The reason is that from January 1, 2022 to July 1, 2023, employees are not allowed to adjust their social insurance-paid salaries as a basis for calculating pensions and social insurance benefits. Because during this period, the basic salary has not been adjusted, but the pension, social insurance benefits and monthly benefits according to Decree No. 108/2021/ND-CP are not adjusted.
Along with the additional adjustment of 20.8% on pension, social insurance benefits and monthly allowances, the Ministry of Labor, War Invalids and Social Affairs also proposed to supplement and adjust a number of subjects compared to Decree 108/2021/ND-CP.
Specifically: Adjust the subjects who are receiving monthly pensions and allowances before January 1, 1995 after adjusting to the general level and have pensions and allowances under VND 3,000,000/month. Add subjects who are receiving monthly occupational accident and disease allowances and monthly death benefits before January 1, 1995.
The estimated budget for increasing pensions and allowances from July 1, 2023 is specifically: For the state budget, the adjusted budget will increase by VND 2,982.6 billion; for the social insurance fund, the adjusted budget is VND 9,675.4 billion.
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