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Reduced insurance premiums for 11.2 million workers

Over 11.2 million employees, working at 375,000 businesses, have received a reduction in their insurance premiums for occupational accidents and diseases, worth about VND4.3 trillion (US$187.6 million), according to Vietnam Social Security.

The reduction will be applied between July 2021 and June 2022.

The financial support is part of a support package for people and businesses affected by the COVID-19 pandemic, worth VND26 trillion (US$1.1 billion) issued by the Government.

HCM City will take the lion’s share with over 2.3 million employees, working at 101,356 businesses in HCM City receiving total financial support of over VND1 trillion ($43.4 million) through the package.

Hanoi City with 1.4 million employees, working at over 87,000 businesses, will also receive total financial support of over VND640 billion ($27.7 million).

Vietnam Social Security has said the insurance sector is focused on supporting both employees and employers who have suffered due to lockdowns from the pandemic.

The agency said in addition to reducing insurance premiums for occupational accidents and diseases, the agency’s branches in provinces and cities are also temporarily suspending payments to the retirement and survivorship fund as well as allowing employees to cancel labour contracts but still claim unemployment benefits, and supporting employers to borrow money to make the severance pay for employees.

This is part of implementing Resolution No 68/NQ-CP dated July 1, 2021 and the Decision No 23/QĐ-Ttg dated July 7, 2021.

Source: Vietnam News

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