Starting July 1, 2024, millions of Vietnamese citizens began benefiting from significant reforms in pensions, social insurance benefits, preferential allowances for meritorious individuals, and social assistance. These changes mark a major step toward ensuring social welfare and improving the quality of life for beneficiaries.
15% Increase in Pensions
Under Decree No. 75/2024/ND-CP issued by the government, monthly pensions, social insurance benefits, and regular allowances were increased by 15% compared to June 2024 levels.
Notably, individuals receiving pensions, social insurance benefits, or monthly allowances before January 1, 1995, with incomes below VND 3.2 million/month, will receive an additional VND 300,000/month. Those earning between VND 3.2 million and VND 3.5 million/month will see their benefits adjusted to VND 3.5 million/month.
An estimated 3.09 million people receiving pensions, social insurance benefits, and monthly allowances will benefit from this adjustment. Of these, over 833,000 are supported by the state budget, while more than 2.26 million are funded by the Social Insurance Fund. Approximately 190,000 beneficiaries with incomes below VND 3.5 million/month will also see improvements.
The total cost of implementing this policy is estimated at VND 16.78 trillion, with VND 3.65 trillion coming from the state budget and VND 13.13 trillion from the Social Insurance Fund.
Preferential Allowances for Meritorious Individuals Rise by 35.7%
The government also issued Decree No. 77/2024/ND-CP to adjust the standard preferential allowance for individuals who contributed to the revolution. Effective July 1, 2024, the standard allowance increased from VND 2.055 million to VND 2.789 million, representing a 35.7% increase.
This adjustment reflects deep gratitude toward those who served the nation and aims to improve their material and spiritual well-being.
Social Assistance Standard Raised to VND 500,000/Month
Decree No. 76/2024/ND-CP outlines the adjustment of the standard social assistance rate from VND 360,000/month to VND 500,000/month, a 38.9% increase effective July 1, 2024. This policy benefits approximately 3.4 million individuals under social protection programs.
Specifically, nearly 1.4 million elderly people, over 1.7 million people with disabilities, 15,000 orphaned children, and 126,000 children under three years old will receive the new allowance. Additionally, 412,000 households or individuals caring for social protection beneficiaries will receive monthly financial support.
The total budget allocated for these social assistance programs is estimated at VND 30 trillion.
Significance of Policy Adjustments
These changes not only demonstrate the government’s efforts to improve citizens’ lives but also reaffirm its commitment to building a fair and sustainable society. The timely implementation of these policies has helped stabilize public order, ensure social safety, and promote national socio-economic development.
Conclusion
With significant increases in pensions, preferential allowances for meritorious individuals, and social benefits, 2024 marks a pivotal year for social welfare in Vietnam. These policies provide direct benefits to millions of citizens and highlight the state’s responsibility in supporting the population. Stay tuned for further updates on upcoming social welfare initiatives.
Source: Dan Tri News
