Social Security wants to pay new pensions at the beginning of July

On June 24, Mr. Le Hung Son, Deputy General Director of Vietnam Social Security, said that this agency has commented on the draft Decree to increase pensions and allowances by 15% from July 1, drafted by the Ministry of Labor, War Invalids and Social Affairs. The drafting agency is calculating to shorten the process so that the decree takes effect from July 1. Tomorrow, the draft appraisal council of the Ministry of Justice will consider this content.

"The goal is to pay on time because millions of people are looking forward to receiving their new pensions in early July," Mr. Son explained. This is also to avoid problems like the 2023 adjustment period, and to avoid reactions from beneficiaries who have not received their new pensions.

On the 25th of each month, the Social Insurance Agency has completed the list of pensioners for the following month, but now it is delaying it for a few days to wait for official documents. It is expected that nearly 3.4 million people will receive the pension, with payment funds from the Social Insurance Fund.

In 2023, Decree 42 stipulates the implementation of new pension and allowance policies from July 1, but it will not take effect until August 14 and is awaiting further guidance. Beneficiaries who have not yet received their new pensions have raised questions with local Social Security agencies. Vietnam Social Security then announced that it would pay at the old rate in July-August and pay back the additional amount in September. Deputy Prime Minister Tran Hong Ha then requested that the new pensions be paid in August.

The total budget for increasing pensions, social insurance benefits and monthly allowances in the second half of 2024 is expected to be more than VND 16,200 billion, of which the state budget will spend VND 3,760 billion and the Social Insurance Fund will guarantee more than VND 12,567 billion.