Pension and monthly allowance will be increased by 6.92 per cent from July, and more than three million people are eligible for the revised pension and allowance, according to a draft decree by the Ministry of Labour, Invalids and Social Affairs (MOLISA).

People are completing procedures to receive pension and social allowance. 

In the proposal, people who will receive the increased pension and allowance include former public officials, civil servants, labourers, military personnel, police, and cipher workers, who are entitled to a monthly pension.

In addition, seven groups will receive the increased salary, including commune officials, persons who are receiving monthly allowances for loss of working capacity, rubber workers receiving monthly allowances, and those who are receiving monthly allowances for labour accidents or occupational diseases.

More than three million people will receive the increased salary and allowance; thus, the estimated fund will increase by more than VNĐ9.6 trillion (US$421 million).

Earlier, at a regular press conference of the Vietnam Social Security in March, Trần Hải Nam, deputy head of the Social Insurance Department under MOLISA, said the adjustment of retirement pension level based on the Law on Social Insurance needed approval from the National Assembly Standing Committee. — VNS