Beneficiaries to receive new pension and social insurance from August 14

ABO/NDO- Vietnam Social Security (VSS) announced on July 18 that it would arrange the payment of pensions, social insurance benefits and monthly allowances according to the new rates from August 14, 2023.

According to Government Decree No. 42/2023/ND-CP, pensions, social insurance allowances and monthly allowances will be raised by 12.5% to 20.8% for some specific target groups from July 1, 2023.

Payment of pensions to beneficiaries in Hanoi. (Photo: VNP).

Therefore, unclaimed payments from July 2023 will also be made on August 14.

The increases will help to improve the lives of nearly 3.4 million people nationwide.

This is an increase in monthly pensions, social insurance allowances and monthly allowances compared to the old levels applied over the past 18 months according to Government Decree No. 108/2021/ND-CP.

The Government has adjusted monthly pensions and social insurance allowances six times from 2016 with the following adjustment rates: 8% (2016), 7.44% (2017), 6.92% (2018), 7.19% (2019), 7.4% (2022), and 12.5% - 20.8% (2023).

(Source: NDO)