Nearly two million people receive increased pension on July 1

Vietnam Social Security yesterday informed that it finished distributing pension under the new rate (increasing by 15 percent) to nearly two million retired people.

Increased pension from July 1, 2024 is expected to ensure the living standards of the elderly

Basically, those who have registered to receive their increased pension through their personal accounts received the monthly pension yesterday successfully. Elderly or immobile individuals have their payments directly delivered to their homes.

To support the increased pension and benefit payments for the remaining six months of 2024, Vietnam Social Security (VSS) estimates that approximately VND3.7 trillion (US$145.4 million) will be allocated from the state budget, along with over VND12.5 trillion ($491 million) from the Social Security Fund. The total estimated cost for the pension and social welfare increases is over VND16.2 trillion ($636.4 million).

Yesterday, VSS – HCMC Branch also released information regarding the adjustments and disbursement of monthly pensions, social insurance benefits, and allowances.

The increase applies to all recipients of social insurance pensions, benefits, and allowances, excluding those receiving occupational accident, occupational disease benefits, and monthly death benefits before January 1, 1995 if their monthly benefit is less than VND3.5 million ($137.5).

  • An additional VND300,000 ($11.8) per month for those receiving less than VND3.2 million ($125.7) per month;
  • An increase to VND3.5 million per month for those receiving between VND3.2 million and VND3.5 million per month.

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