MOLISA proposes 12.5 percent increase in pension and allowance

In its draft decree submitted to the Government, the ministry suggested a 15.5 percent increase in pensions, social insurance benefits and monthly, starting from July 1, 2023.

It suggests a 20.8 percent increase in pensions and social insurance benefits and monthly allowances for those who retired after the latest wage increase from January 1, 2022. 

Accordingly, recipients of pensions, social insurance benefits, and monthly allowances before January 1, 1995 with a salary of less than VND 3 million (US$127.6) per month will be further adjusted. 

Specifically, people whose pension after the increase is less than VND 2.7 million a month, will have it increased by VND 300,000 a month; while those with a monthly pension from VND 2.7 million to less than VND 3 million will have it increased to VND 3 million a month.

Earlier, on May 15, the Government issued a decree regulating the base salary for civil servants, public employees, and members of the armed forces, stipulating that it will increase from VND 1.49 million (US$63.5) to VND 1.8 million per month from July 1, 2023./.