When will the pension increase be paid back?
Payment of monthly pensions and social insurance benefits at the new benefit levels and the additional difference of July and August 2023 to beneficiaries will be made in the payment period of September 2023.
On June 29, the Government issued Decree 42/2023/ND-CP (Decree No. 42) regulating the adjustment of pensions, social insurance benefits, and monthly allowances from July 1, 2023. However, the Decree will not take effect until August 14, 2023.
Therefore, in order to promptly pay monthly pensions and social insurance benefits to beneficiaries in July and August 2023, the Social Insurance Agency will still pay according to the benefit level of June 2023. Payment according to the new benefit level and the additional difference of July and August 2023 to beneficiaries will be made in the payment period of September 2023.
According to Decree No. 42, the adjustment levels of pensions, social insurance benefits, and monthly allowances are specifically regulated as follows:
- Increase by 12.5% on pension, social insurance allowance and monthly allowance of June 2023 for subjects as prescribed in this Decree, which has been adjusted according to Decree No. 108/2021/ND-CP dated December 7, 2021 of the Government on adjusting pension, social insurance allowance and monthly allowance.
- Increase by 20.8% on pension, social insurance allowance and monthly allowance of June 2023 for subjects as prescribed in this Decree that have not been adjusted according to Decree No. 108/2021/ND-CP.
In addition, from July 1, 2023, people receiving monthly pensions and social insurance benefits (except people receiving monthly occupational accident and disease benefits and people receiving monthly death benefits) before January 1, 1995,After making adjustments according to the provisions of Decree No. 42 above, if the benefit level is lower than 3 million VND/person/month, it will be adjusted to increase as follows:
- Increase by 300,000 VND/person/month for those with a benefit level below 2.7 million VND/person/month.
- Increase by 3 million VND/person/month for those with benefits from 2.7 million VND/person/month to less than 3 million VND/person/month.
While waiting for Decree No. 42 to take effect and for a Circular to guide its implementation, the Social Insurance agency will pay pensions, social insurance benefits and monthly benefits for July and August 2023 according to the June 2023 benefit level.
In the payment period of September 2023, the beneficiary will be paid the new benefit level by the Social Security agency and will receive the additional difference of July and August 2023 (due to not having been received).
Thus, the pension benefits, social insurance benefits and additional monthly benefits of beneficiaries are always guaranteed and in accordance with regulations.
In order to ensure the payment of pensions and allowances to beneficiaries is convenient and in accordance with regulations, local Social Insurance agencies have instructed pension payment points to publicly post the above information; direct payment officers also answer related questions to help beneficiaries understand the regulations and feel secure and confident about their benefits.
