Seventy-five-year-old Vu Thi Lan, a resident of District 12 in Ho Chi Minh City, struggles to make ends meet with her monthly pension of 3 million VND. Plagued by constant illnesses, she shares, “This pension would not be sufficient to cover my expenses without the support of my children. My monthly medication costs almost deplete my entire pension, and relying solely on it would make life extremely challenging.”
She also wonders if, according to the latest regulations, pension adjustments will continue even if the base salary remains unchanged after 2024.
Many hope for pension increases to ease their financial burdens.
In alignment with the Conclusion 83-KL/TW of 2024 by the Political Bureau on salary reform, the Government issued Decree No. 73/2024/ND-CP, increasing the basic salary to VND 2,340,000 from July 1, 2024.
Decree 75/2024/ND-CP stipulates adjustments to pensions and social insurance allowances. Accordingly, from July 1, 2024, a 15% increase will be applied to the pension and social insurance allowances of the previous month (June 2024) for those currently receiving them.
According to the current regulations stated in Article 57 of the 2014 Law on Social Insurance, the Government adjusts pensions based on the increase in the consumer price index and economic growth, taking into account the state budget and the social insurance fund.
However, the 2024 Law on Social Insurance, which will take effect on July 1, 2025, stipulates that pension adjustments will be based solely on the increase in the consumer price index, in alignment with the capabilities of the state budget and the social insurance fund.
Simultaneously, it mandates a substantial increase in pensions for those with low pensions and those who retired before 1995, aiming to reduce the pension gap between retirees from different periods.
Hence, from July 1, 2025, pension adjustments will be based on the increase in the consumer price index, taking into account the capabilities of the state budget and the social insurance fund. Consequently, even if the base salary remains unchanged after that date, pensions will still be subject to adjustments.
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