return icon

Shorter insurance payment period proposed for pension entitlement

The Ministry of Labor, Invalids and Social Affairs has proposed reducing the periods of social insurance (SI) premiums payment from 20 to 15 years to enjoy a pension and not limiting lump-sum social insurance withdrawals.

According to the Vietnam News Agency, the ministry gave two options as in the draft of the revised Law on Social Insurance.

First, the current regulations would remain, which means employees who have paid SI premiums for the full 20 years and do not continue paying voluntary SI premiums after one year of ceasing work would be eligible for a lump-sum SI allowance.

Under this option, the payers could withdraw the SI allowance for the entire period but would not be entitled to a pension.

This option would not limit the one-time SI payment withdrawal, adversely affecting the social welfare system and piling pressure on the State budget to pay pensions, said the ministry.

Meanwhile, the second option would allow the employees to make a lump-sum withdrawal at a maximum of 50% of the period they had paid for the retirement and survivorship allowance fund. The remaining period would be reserved for pension enjoyment when the employees satisfy the age requirement.

The experts said this method would help reduce the preliminary payments made by the SI fund; however, this option may receive strong reactions from the employees.

Those with SI payment under the full 20 years who settle abroad or suffer from a fatal disease could opt to receive a lump-sum social insurance payment or monthly SI allowance.

The allowance will be based on the number of years of SI premium payment and the average monthly salary for SI payment.

Till the end of 2022, there were 17 million persons participating in the SI nationwide, covering 38% of the working-age population. The Vietnam SI targeted to raise the SI coverage to 60% in 2030.

Source: Saigon Times


Devalued by billions of dollars, shares face transaction restrictions

VNZ shares of VNG, a tech unicorn, were added to the restricted trading list after the company was late in submitting its financial report. The VNZ price has plummeted by 45 percent from its peak, but is still the highest-priced in the stock market.

Livestock industry's small farms in distress, big farms deep in debt

Having to sell fowl and pigs below production costs, many farmers are crippled with debt. Even big players in the animal husbandry are incurring big losses.

Vietnam posts trade surplus of 9.8 billion USD in five months

Vietnam’s import-export value in the first five months of this year was estimated at 262.54 billion USD, down 14.7% year-on-year, with a trade surplus of 9.8 billion USD, the General Statistics Office (GSO) announced on May 29.

Anh Vien: From champion swimmer to inspirational swimming coach

Now, in a new role akin to a swimming ambassador, Anh Vien is eager to share her knowledge and expertise with children, teenagers, adults, and even older individuals, introducing them to the joy of swimming and fostering a love for the sport.

International arrivals in Vietnam surge over 12-fold year on year

Vietnam has welcomed nearly 4.6 million international arrivals in the first five months of 2023, soaring 12.6-fold from the same period last year, the General Statistics Office (GSO) said on May 29.

Vietnam NASA Space Week takes shape on the horizon

The first-ever Vietnam NASA Space Week will be held in Ho Chi Minh City and Hau Giang and Binh Dinh provinces in the South from June 5-9, heard a press conference on May 29.

CAAV proposes 2-month pilot of eID accounts for air passengers

The Civil Aviation Authority of Vietnam (CAAV) will pilot the use of level 2 electronic identification (eID) authentication for air passengers at airports nationwide from June 1 to August 1.

Soldiers and sailors ready for any medical emergency at sea

In the Truong Sa islands, where there is a turbulent sea, the medical team has been a reliable support for the local fishermen, officials, and soldiers on the islands for many years.

Over 77,000 computers in Vietnam suffer data encryption in 7 months: Bkav

More than 77,000 computers in Vietnam have suffered data encryption since December 2022, according to Bkav – a leading Vietnamese technology corporation that specialises in cyber security and software.

Vietnamese airlines to launch more international air routes

Vietnamese airlines have announced plans to open more international air routes this summer.

Bringing back international travelers

Vietnam needs an effective short-term marketing campaign to attract international tourists from key source markets, especially those with untapped potential.

Agro-forestry-aquatic product exports drop 11% in five months

Agro-forestry-aquatic product exports were estimated at 20.26 billion USD in the first five months of 2023, down 11.1% year on year, according to the Ministry of Agriculture and Rural Development (MARD).

Biting the bullet

Flagging demand has compelled manufacturers to reduce their production and workforce.

Colorful paper masks in Hoi An

In the central city of Hoi An is a house on Bach Dang Street that is home to hundreds of colorful paper masks made by artist Bui Quy Phong, who has devoted his whole life to these masks.

Pu Luong – A hidden gem of northwest region

Nestled in the middle of mountains, Pu Luong Valley attracts tourists with its cool mountainous atmosphere, peaceful scenery and magnificent terraced fields.