Headlines 13/12/2019 13:58 CH

Retirement pension and social security benefits to officially increase by 7.38% from July 1, 2020

Tường Vy

This is the highlight of Resolution No. 86/2019/QH14 on state budget plan for 2020.

Pursuant to the Resolution, from July 1, 2020, mandatory retirement pension, social security benefits and monthly allowances granted to persons receiving state budget support) and financial initiatives granted to persons rendering meritorious revolutionary services will be indexed to increase in mandatory base pay.  

Base pay will increase by 7.38% from 1,490,000 dong/month to 1,600,000 dong/month.

This means that retirement pension, social security benefits, monthly allowances and financial initiatives granted to meritorious service providers will be increased by 7.38% as well.

In order to elaborate on this, the Prime Minister has issued the Decision No. 1704/QD-TTg on delegation of the state budget plan for 2020, which defines capital sources for reform of pay policies in 2020, including:

- Part of revenues which will be retained according to regulations of specific entities;

- Extraordinary regular expenditures (except wages or salaries, salary-based allowances, amounts similar to wages or salaries and other expenses paid to support people according to regulations) which are reduced by 10%; 

- Balances of expenditures on wage or salary reform which remain in 2019 and are brought forward (if any).

This Resolution 86/2019/QH14 is passed by the National Assembly on November 12, 2019.

>> CLICK HERE TO READ THE ARTICLE IN VIETNAMESE

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