The Social Insurance Agency announced on August 29 that, due to the timing of the September 2024 monthly pension and social insurance allowance payments coinciding with the National Day holiday on September 2, they have prepared in advance since late August 2024 to ensure beneficiaries receive their payments immediately after the holiday period.
Pension payments being made to citizens. Photo: Hung Nguyen
Accordingly, the payment schedule for beneficiaries with bank accounts through the Social Insurance Agency in various provinces will begin on either September 4 or 5, depending on the pre-announced flow, and will be completed before September 10.
In cases where beneficiaries have not received their payments due to incorrect personal account information, they are requested to contact the Social Insurance Agency to update their details promptly to receive their benefits within the month. The Social Insurance Agency in each province will announce the specific payment schedule for beneficiaries’ reference.
Previously, to reduce intermediaries and ensure timely payments so that beneficiaries receive their money as early as the beginning of the month, from August 1, the Vietnam Social Security has been directly transferring pension and monthly social insurance allowance payments to the personal accounts of beneficiaries in 43 provinces and cities.
During the September payment period, the Vietnam Social Security will continue to make pension and monthly social insurance allowance payments to the personal accounts of beneficiaries in the 43 provinces and central cities that have implemented this method since the August payment cycle.
For the remaining 20 provincial Social Insurance Agencies, pension and monthly social insurance allowance payments will continue to be made through personal accounts and cash via the postal system.
Currently, there are nearly 3.4 million people nationwide receiving monthly pension and social insurance allowances. Following the Government and Prime Minister’s directives, the Vietnam Social Insurance sector has actively promoted and communicated the benefits and conveniences of receiving benefits through personal accounts, allowing beneficiaries to voluntarily participate in this arrangement.
Up to now, in urban areas, about 74% of beneficiaries have received social insurance benefits and unemployment allowances through their personal accounts (an increase of about 10% compared to 2023).
Salary Adjustments and Social Insurance Payments for 2024
The average salary and monthly income subject to social insurance paid will be the basis for calculating pensions, one-time retirement benefits, one-time social insurance, and one-time disability benefits…
Can I still receive maximum pension benefits if I opt out of Social Security after a certain number of years?
This is a topic that long-time participants in social insurance (SI) are very concerned about.
How many years do workers have to contribute to voluntary social insurance to receive a pension in 2024?
According to Article 3 of the 2014 Social Insurance Law, voluntary social insurance is a type of insurance organized by the State. Participants in voluntary social insurance have the right to choose the level and method of insurance payment that is suitable for themselves.
Many Retirement Reforms for Retirees with Merit
Starting from 1st July 2024, with the reform of salary for civil servants and officials, a series of policies concerning pensions and benefits for meritorious people are expected to change. The Vietnam Social Security (VSS) has recently proposed an 8% increase, while the Ministry of Labor, Invalids and Social Affairs (MOLISA) argues for a minimum of 15% raise.
‘Hot tickets’ for flights after Tet; proposed increase in pension from July 1st.
In the past week, there have been significant updates and developments in various areas. A staggering 120 trillion package has been announced, accompanied by historically low interest rates for real estate loans. Additionally, post-Tet airfare prices have skyrocketed, and 28 leaders under the Ministry of Industry and Trade have undergone asset verification. Finally, a proposal to increase pension benefits from July 1st has been put forward. These are just a few of the noteworthy highlights from the past week.
