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Businesses delay social insurance payments due to COVID-19

Many businesses had been delaying social insurance payments due to the impact of the COVID-19 pandemic, according to the Vietnam Social Security (VSS).

Many businesses owning the social insurance agency due to facing difficulties in the COVID-19 pandemic. — Photo

As of July this year, the amount of delayed payment reached nearly VND20.7 trillion (US$893.5 million), accounting for 5.1 per cent of the total revenues of the agency.

To address the difficulties businesses facing as the result of the pandemic, the VSS has asked its social security units of cities and provinces to swiftly verify dossiers for suspending payment to retirement and survivors' benefits funds.

According to the local social insurance units, as of June 30 this year, the number of enterprises that applied to suspend social insurance payment to the retirement and death funds were 1,519, equivalent to 130,794 employees and about VND475 billion (US$19.7 million).

Based on the Government’s resolution to support people facing difficulties in the pandemic and the agreement of the Ministry of Labour, War Invalids and Social Affairs, the VSS issued a letter instructing local social insurance to maintain the suspension of payments to the retirement and death funds until December.

The pandemic has also been badly affecting efforts to expand participation in social and health insurances, said VSS deputy general director Tran Dinh Lieu.

The number of people participating in compulsory social insurance, health insurance and unemployment insurance all decreased compared to the end of 2019 because of the pandemic, said Lieu.

“As of July, the number of people participating the social insurance was 15.271 million people, accounting for 31 per cent of the labour force in the working age,” said Lieu.

“The number of people participating in mandatory social insurance was 14.543 million, dropping by 655,000 as compared to last year but the number of people paying voluntary social insurance was 737,000, increasing by 163,000,” said the deputy general director.

The number of employees taking part in unemployment insurance were 12.725 million, making of 25.8 per cent of the total workforce and reaching 88.5 per cent of the target while 85.9 million people participated in medical insurance, 88.8 per cent of the population, he said.  VNS

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