Nearly 3 million people benefit from increases in pension, social insurance allowances

The beneficiaries include retirees; incumbent cadres of communal-level administrations; and people receiving monthly allowances for loss of working capacity. (Photo: VNA)

Hanoi (VNA) – More than 2.96 million people are benefiting from a rise of 7.4 percent in monthly pension, social insurance allowances and monthly subsidy as from January compared to December 2021, equivalent to 1.05 trillion VND (46.13 million USD), according to the Vietnam Social Security (VSS).

The beneficiaries include retirees; incumbent cadres of communal-level administrations; and people receiving monthly allowances for loss of working capacity.

Of the total,  the State budget will pay over 257.3 billion VND (11.3 million USD) worth of the increased amount for about 904,900 people who are receiving pensions and allowances from the State budget, while the social security fund will shoulder 794.9 billion VND (34.92 million USD) in added payment.

The raise aims to ensure social welfare, especially for the retired and disadvantaged people amid adverse impacts of COVID-19./.