Retirement incomes and social pensions will be raised by 12.5 per cent from July 1, 2023, according to the Ministry of Labor, Invalids and Social Affairs.

Meanwhile, the base salary for cadres, civil servants, and public employees will increase from VND1.49 million ($63.1) a month to VND1.8 million ($76.2). The lowest level of retirement income will also increase from VND1.49 million ($63.1) a month to VND1.8 million ($76.2).

Last November, the National Assembly approved a resolution on State budget estimates for 2023, under which the base salary for cadres, civil servants, and public employees will increase to VND1.8 million ($76.2) a month from July 1, 2023, while retirement incomes and social pensions for those covered by the State budget will rise by 12.5 per cent.

More financial aid will be provided for those retiring before 1995, as their retirement income is much lower than those retiring since 1995.