|It is expected that more than 270,000 elderly persons who are receiving less than VND2.5 million (US$111) a month, will benefit from an increase in pension. — VNA/VNS Photo
HA NOI — A new proposal to increase pension for the elderly who are receiving less than VND2.5 million (US$111) a month, has been submitted to the government for its approval.
The labour, invalids and social affairs ministry said the pension would be increased by VND250,000 ($11) per person per month for those who retired or were granted subsidy for occupational health loss prior to April 1993.
The time-frame was set so that it was compatible with the national budget's funding capacity, the ministry said.
The proposal also said the pension amount a person would receive after the adjustment would not be more than VND2.5 million ($111) a month.
It is expected that more than 270,000 elderly persons will benefit from the increase in pension, which will cost the national budget VND753.1 billion ($33.470) per year. — VNS