According to the proposal, from July 1, 2024, the current pensions and social insurance benefits will be adjusted upward by 15%, based on the levels of June 2024. This adjustment will apply to more than 3.3 million people, including those receiving pensions from both compulsory and voluntary social insurance participation.

For those receiving pensions before 1995, the proposal specifies that if the post-adjustment benefit is lower than 3.2 million VND per month, the adjustment will increase the benefit by 0.3 million VND per month. For those with benefits between 3.2 million VND and less than 3.5 million VND per month, the adjustment will bring the benefit to 3.5 million VND per month.

Vietnam Social Security has stated that the proposed increase has been carefully calculated to ensure fairness and balance. The increase aims to harmonize the interests of pensioners and social insurance contributors, balancing the interests of the State and non-State sectors, and ensuring generational equity. It also aims to maintain the long-term sustainability of the Social Security Fund.

Additionally, from July 1, 2024, the Government has proposed a 6% increase in the regional minimum wage. Implementing these proposals will ensure that workers' pensions are adjusted to keep pace with economic conditions and the financial capabilities of enterprises, while also maintaining the stability of the Social Insurance Fund.

Since 1995, the National Assembly and the Government have adjusted pensions 23 times to ensure the livelihood of retirees. The current pension levels have increased by 21 to 26 times compared to 1995 levels, reflecting adjustments aligned with the consumer price index and economic growth.

Mr. Nguyen Van An, a retiree of 20 years from Hanoi, considers the 15% increase in pensions to be reasonable and believes it will ensure good social security in the current period. He noted that the State has frequently adjusted salaries, with each increase being fair and balanced among different groups, including cadres, civil servants, public employees, and retirees.

Mr. Tran Trung Thai, who retired in 2011 from Bac Giang province, emphasized the importance of fairness for those retiring before and after July 1, 2024. He believes that adjusting the pension level and providing timely implementation plans enhance the attractiveness and sustainability of the policy.

"The purpose of participating in social insurance is to ensure long-term social security upon reaching retirement age. Many workers withdrawing their social insurance in one lump sum create a burden on future social security. We always advise people not to withdraw their social insurance in one lump sum to avoid losing many benefits," Mr. Thai shared.

Vu Diep