A Ho Chi Minh City resident collects his pension.

The total government spending for the rise in the first month is estimated at 1,052 billion VND (46.2 million USD).

Beneficiaries include retired government officials, civil servants, workers, members of the military and public security forces and those who are receiving monthly allowances for lost jobs due to reduced health.

Over two million will collect their pensions from the Social Insurance Fund, while an estimated 900,000 will receive their payment from the State budget.

Amid the severe impacts of COVID-19 on all aspects of socio-economic life, the pension rise policy reflects the Party, State and Government’s great care for the people.

The increase is expected to help pensioners improve their standard of living as the pandemic remains complicated.