People aged 75 and over without pensions receive retirement benefits.

The Social Insurance Law 2024 (effective from July 1) has important new points related to employees, as well as the enjoyment of social security policies.

Specifically, Article 21 of the law stipulates that Vietnamese citizens are entitled to social pension benefits when they meet three conditions: being 75 years of age or older; not receiving a monthly pension or social insurance benefit, except in other cases as prescribed by the Government; and having a written request to receive social pension benefits.

In addition, Vietnamese citizens from 70 to under 75 years old who are from poor households or near-poor households and meet two conditions (not receiving monthly pension or social insurance benefits; have a written request to receive social retirement benefits) are also entitled to social retirement benefits.

According to the Law on Social Insurance 2024, the monthly social pension allowance level is prescribed by the Government, in accordance with socio-economic development conditions and the capacity of the State budget in each period.

Every 3 years, the Government reviews and considers adjusting the social pension level. Depending on socio-economic conditions, the ability to balance the budget, and mobilize social resources, the Provincial People's Committee shall submit to the People's Council at the same level a decision on additional support for social pension beneficiaries.

Notably, people who are both eligible for social pension benefits and monthly social benefits will receive higher benefits.

During their retirement benefits, they receive health insurance from the State budget. When they die, the organization or individual in charge of the funeral will receive funeral expense support according to the law on the elderly.

The Law also stipulates that the Standing Committee of the National Assembly decides to gradually reduce the age of receiving social pension benefits based on the Government's proposal, in accordance with socio-economic development conditions and the capacity of the State budget in each period.

In the draft Decree of the Government detailing and guiding the implementation of a number of articles of the Law on Social Insurance on social pension benefits, it is stipulated that from July 1, beneficiaries of monthly social pension benefits will receive an amount of VND 500,000/month.

When effective, this policy alone will benefit more than 1.2 million elderly people. It is expected that the State budget will spend 4,000 - 5,000 billion VND per phase.