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According to Clause 2, Article 3 of the 2024 Social Insurance Law, the social retirement allowance is a form of social insurance provided by the state budget for elderly people who satisfy certain conditions in this Law. Accordingly, the allowance includes three components: a monthly social retirement allowance, funeral expense support, and health insurance funded by the state budget.

Eligible beneficiaries include Vietnamese citizens aged 75 and older, and those aged from 70 to under 75 who are classified as poor or near-poor households. These individuals are entitled to receive the social retirement allowance if they are not already receiving a pension or monthly social insurance benefit, except in other cases as prescribed by the Government. Additionally, they must submit a written request to receive the social retirement allowance.

The monthly social retirement allowance amount is determined by the government in accordance with the socio-economic development conditions and the capabilities of the state budget at each period. Every three years, the government conducts a review and considers adjusting the amount of social retirement allowance. Depending on socio-economic conditions, budget balance capability, and mobilized social resources, the provincial People's Committees submit to the corresponding People's Council for additional support for those receiving social retirement benefits.

If people are eligible for multiple monthly social benefits, they will receive a higher subsidy.

Those receiving monthly social retirement allowance will have their health insurance funded by the state budget according to the regulations of the Health Insurance Law. Upon death, the organization or individual responsible for burial will receive support for burial expenses as stipulated by the law regarding the elderly.

It is estimated that from July 1, 2025, when the 2024 Social Insurance Law officially comes into effect, around 1.6 million additional people will be eligible for the social retirement allowance.

The issuance and implementation of this policy under the 2024 Social Insurance Law demonstrates care for the elderly while contributing to the foundation of a sustainable, equitable, and inclusive social security system.