social insurance

Update news social insurance

Voluntary social insurance to include maternity benefits in new draft law

Proposed amendments to Vietnam’s Social Insurance Law include adding maternity benefits to voluntary social insurance, aiming to attract more participants.

Experts call for tougher measures as businesses evade social insurance payment

Deliberate evasion of social insurance contributions should be legally prosecuted, as administrative penalties or criminal prosecution are stipulated by law.

Fixed pension amounts are too low

Vietnamese pensioners can enjoy the highest pension rate in the world, 75% of their social insurance payments. However, as the salaries used to calculate social insurance premiums are low, the actual pension they receive in retirement is small.

Health ministry removes regulation on ceiling expenditure

Previously, because of a regulation on ceiling for total expenditures on patients with health insurance, doctors had to ‘weigh and measure’ expenses to be sure the expenditure was not higher than allowed.

Ministry proposes support to under-75 non-pensioners

The Ministry of Labour, Invalids and Social Affairs (MoLISA) has proposed the provision of support to people who pay social insurance premiums for less than 15 years and are not eligible for pension benefits.

Tourism workers in Hoi An voice hope over social insurance policies

More freelance labourers in Hoi An have spent part of their monthly income on voluntary social insurance, considering this as a saving for after they retire.

Elderly struggle in daily life due to low pension

The Ministry of Labour, Invalids and Social Affairs (MoLISA) said that the social insurance policies before January 1, 1995 regulated that pension and monthly allowance were based on the actual working time and the salary level before retiring.

Highest pension in Vietnam pays US$5,200 per month

The person with the highest pension in Vietnam receives more than VNĐ124 million (US$5,200) per month, according to the Vietnam Social Security (VSS).

Experts seek solutions to curb lump-sum social insurance withdrawals

Most of the people who made withdrawal request (up to 72 per cent) are labourers from the southern region. Low income and unstable lives are the reason of their withdrawal choice.

Amended social insurance law expected to solve lump-sum withdrawal problem

Under the current social insurance law, an employee who has paid social insurance premiums for less than 20 years may request for lump-sum payout of benefits after 12 months from the time he/she stops paying social insurance premiums.

Workers want lower retirement age, higher pensions

Because of the short length of service and age of retirement, many employees are choosing a lump-sum social insurance withdrawal, and are then beginning to look for a new job where they will pay social insurance premiums for a second round.

Vietnam - RoK agreement on social insurance approved

The Vietnamese Government has issued a resolution approving an agreement on social insurance signed with the Government of the Republic of Korea (RoK) on December 14, 2021.

Cash-trashed employees queue overnight for one-time social insurance withdrawal

Insurance agencies in Ho Chi Minh City saw thousands of cash-trashed employees queuing overnight for one-time withdrawal of social insurance premiums.

The dangers of asking for a ‘lump sum benefit’

The issue of lump sum payouts to workers of social insurance has become alarming. Chosen by cash-strapped workers, the lump sum payouts will lead to a financial burden on workers in the future.

People fear shorter insurance payment period will reduce pensions

Many people question if the new pension scheme, under which the period of social insurance premium payment will fall from 20 years to 15 years, will leave enough pension to cover basic needs.

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.

Over 58,000 businesses in HCMC owe social insurance premiums

Over 58,000 businesses in HCMC had owed social insurance premiums totaling over VND4.8 trillion as of the end of January 2023, according to HCMC Social Security.

Social insurance evading enterprises may have bank accounts frozen

The Vietnam General Confederation of Labor has proposed applying many measures for enterprises delaying or evading social insurance payments.

Vietnam Social Security to hold dialogue with nearly 100 Japanese firms

The Vietnam Social Security (VSS) is set to hold a dialogue with approximately 100 Japanese firms on October 11 in the southern province of Ba Ria-Vung Tau.

Cash-strapped workers withdraw social insurance funds

Nearly one million people have applied for lump sum payout of social insurance because they are facing financial problems.