Vietnam social security calms retirees' fears of lower pensions

VIETNAM: The country’s social security office has allayed fears of retirees and those approaching retirement, saying the devaluation of the Vietnamese dong would not affect their pensions.

The Vietnam Social Security explained that social insurance policies had considered inflation for wages paid for the employees’ social security.

Further, the agency cited that employee’s pensions were adjusted over time in seasons of price increases, and that pension levels had increased recently based on the consumer price index and economic growth, relevant to the national budget and the Social Insurance Fund.

The country has been adjusting the pension 22 times since 1995. In 2022, despite a financial crisis, the pension has been adjusted to the general rate of 7.4% from 1 January 2022.

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