CIRCULAR

GUIDING ADJUSTMENTS IN PENSIONS, SOCIAL INSURANCE BENEFITS AND MONTHLY BENEFITS PRESCRIBED IN CLAUSES 1, 2, 3 AND 8 ARTICLE 1 OF THE GOVERNMENT'S DECREE NO. 76/2017/ND-CP DATED JUNE 30, 2017

Pursuant to the Government’s Decree No. 14/2017/ND-CP dated February 17, 20127 defining the functions, tasks, powers and organizational structure of Ministry of Labour, War Invalids and Social Affairs;

Pursuant to the Government’s Decree No. 76/2017/ND-CP dated June 30, 2017 on adjustments to pensions, social insurance benefits and monthly benefits (hereinafter referred to as the Decree No. 76/2017/ND-CP);

At the request of the Director of Social Insurance Department;

Minister of Labour, War Invalids and Social Affairs promulgates this Circular guiding adjustments in pensions, social insurance benefits and monthly benefits prescribed in Clauses 1, 2, 3 and 8 Article 1 of the Government's Decree No. 76/2017/ND-CP dated June 30, 2017.

Article 1. Regulated entities

This Circular applies to the entities prescribed in Clauses 1, 2, 3 and 8 Article 1 of the Decree No. 76/2017/ND-CP.

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As of July 01, 2017, the entities prescribed in Article 1 herein shall have an increase of 7.44% in their pensions, social insurance benefits and monthly benefits compared with those they received in June, 2017. To be specific:

The pensions, social insurance benefits or monthly benefits paid in July, 2017 onwards

=

The pensions, social insurance benefits or monthly benefits paid in June, 2017

x

1.0744

E.g.1: The pension paid to Mr. A in June, 2017 is VND 4,500,000/month.

As of July, 2017, the pension paid to Mr. A shall be calculated by adopting the following formula:

VND 4,500,000/month x 1.0744 = VND 4,834,800/month

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As of July, 2017, the monthly benefit paid to Mr. B shall be calculated by adopting the following formula:

VND 1,970,000/month x 1.0744 = VND 2,116,568/month

E.g.3: Mrs. C quit job and is enjoying monthly disability benefit. The disability benefit amount paid to her in June, 2017 is VND 2,000,000/month.

As of July, 2017, the disability benefit paid to Mrs. C shall be calculated by adopting the following formula:

VND 2,000,000/month x 1.0744 = VND 2,148,800/month

E.g.4: Mrs. D met with an occupational accident and is enjoying monthly occupational accident benefit. The occupational accident benefit amount paid to her in June, 2017 is VND 960,000/month.

As of July, 2017, the occupational accident benefit paid to Mrs. D shall be calculated by adopting the following formula:

VND 960,000/month x 1.0744 = VND 1,031,424/month

Article 3. Organization of implementation

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2. Vietnam Social Security Authority shall be responsible for making adjustments in pensions, social insurance benefits and monthly benefits in adherence to regulations in the Decree No. 76/2017/ND-CP and provisions herein; submitting report thereof using the template provided herein to the Ministry of Labour, War Invalids and Social Affairs and Ministry of Finance by January 15, 2018.

Article 4. Entry into force

This Decree comes into force as from August 15, 2017. Benefits provided for in this Decree shall be applied as from July 01, 2017.

Difficulties that arise during the implementation of this Circular should be reported to the Ministry of Labour, War Invalids and Social Affairs for consideration./.

PP MINISTER
DEPUTY MINISTER




Doan Mau Diep

APPENDIX

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Entities

Total persons receiving benefits (person)

Average benefit amount in June, 2017
(VND/month)

Average benefit amount after adjustment
(VND/month)

Total increasing funding due to adjustments under Decree No. 76/2017/ND-CP (VND million)

(1)

(2)

(3)

(4)

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1. Persons receiving pensions under the compulsory social insurance program:

+ Where: Funding from state budget

Funding from the Social Insurance Fund

2. Persons receiving occupational accident or occupational disease benefits:

+ Where: Funding from state budget

Funding from the Social Insurance Fund

3. Persons receiving disability benefits

4. Persons receiving monthly benefits under Decision No. 91/2000/QD-TTg and Decision No. 613/QD-TTg

5. Rubber workers

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7. Persons receiving pensions under the voluntary social insurance program (including persons on monthly benefits transferred from Nghe An Farmers’ Social Insurance Fund)

Total

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Prepared by
(Signature)

Head of unit
(Signature and seal)