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Over the past decade, Vietnam has adjusted pensions and monthly social security allowances (BHXH) seven times, with increases that have raised the lowest monthly pension from 1.75 million dong in 2016 to a projected 3.8 million dong from July 1 this year. The Ministry of Interior is seeking public feedback on a draft decree that would further adjust pensions, BHXH allowances and monthly benefits.
The draft decree presents two adjustment options.
Option 1 proposes an additional 4.5% and 200,000 dong per month for many pensioners. However, three groups would receive an 8% increase instead: people receiving disability allowances, those receiving monthly benefits before 1/1/1995, and those not yet eligible for a pension.
Under Option 1, retirees before 1/1/1995 would be adjusted to 3.8 million dong per month. Those currently receiving under 3.5 million dong would receive an additional 300,000 dong per month.
Option 2 proposes an 8% uniform increase for all groups receiving these allowances. The pre-1995 retirement group would also be raised to 3.8 million dong per month.
According to the article, Vietnam has made seven pension and BHXH monthly allowance adjustments in the past 10 years.
In 2016, pensions and monthly allowances were adjusted by 8% for those who began receiving pension or monthly allowance in the period from 1/1/2015 to before 1/5/2016. The adjustment took effect in the month the worker started receiving benefits.
For those with pensions and monthly allowances below 2 million dong per month, the increase was applied in two groups:
On July 1, 2017, pensions, BHXH allowances and monthly allowances were increased by 7.44% on top of the June 2017 level for eight groups.
From July 1, 2018, pensions, BHXH allowances and monthly allowances increased by 6.92% compared with the June 2018 level for eight groups.
From July 1, 2019, pensions and BHXH allowances and monthly allowances rose by 7.19% over the June 2019 level.
On December 7, 2021, the Government issued Decree 108/2021/NĐ-CP to raise pensions from January 1, 2022, by 7.4% over the December 2021 level.
For retirees before 1/1/1995, after the 7.4% adjustment, if the pension is below 2.5 million dong per month, a second increase was applied in two groups:
In 2023, under Decree 42, the government adjusted pensions and BHXH allowances from July 1 according to two groups:
For those who retired before 1/1/1995, after previous adjustments and if monthly benefits were below 3 million dong, an additional increase applied in two groups:
The latest increase occurred on July 1, 2024 under Decree 75/2024/NĐ-CP, raising pensions, BHXH allowances and monthly benefits by 15% over the June 2024 levels from July 1, 2024.
For those who retired before 1/1/1995, after this 15% adjustment and if monthly benefits are below 3.5 million dong, a second increase applied in two groups:
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