Labor - Employment

Average pension is nearly 7 million VND per month

TB (according to VnExpress) January 15, 2025 05:04

According to Vietnam Social Security, the average pension in 2024 of people receiving salary from the Social Security Fund will reach 7 million VND per month.

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Hanoi elderly receive pension at payment point

At a press conference on the afternoon of January 14 in Hanoi, Mr. Do Ngoc Tho, Head of the Social Insurance Policy Implementation Department, Vietnam Social Security, said that the average level of 7 million per month includes the armed forces. If civilian workers are separated, the benefits will be lower.

Compared to 2022, the average pension will increase by about 1.5 million VND, mainly due to the 15% increase in pension from July 1, 2024.

Pensions are implemented according to the principle of contribution - benefit based on the average salary paid for social insurance and the number of years of participation, so some people receive hundreds of millions of dong, while others receive low levels, especially the group that retired before 1995.

Currently, the state adjusts this group: if they receive less than 3.2 million VND per month, they will increase by 300,000 VND to reach the above level; those who receive 3.2 to less than 3.5 million VND will be adjusted to reach 3.5 million VND per month.

Nationwide, nearly 3.4 million people receive monthly pension and social insurance benefits. From 1995 to the end of 2023, the National Assembly and the Government have adjusted pensions 23 times.

The pension rate of Vietnamese people is among the highest in Southeast Asia, at a maximum of 75% for men who have paid social insurance for 35 years and 30 years for women, according to the Ministry of Labor, War Invalids and Social Affairs. However, the pension rate of Vietnamese people is in the average group because the insurance premium is not high, mainly due to the adjustment of the basic and minimum wages.

By the end of 2023, the average salary for social insurance contributions of state-owned workers will reach 6.9 million VND; for workers in enterprises and cooperatives, it will be nearly 6.4 million VND.

TB (according to VnExpress)
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Average pension is nearly 7 million VND per month