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

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.

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.

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

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

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.

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

Despite warnings by the HCMC Social Insurance, more and more people are still deciding to withdraw social insurance money  as they need money to cover basic needs.

Some 3.4 million labourers would benefit from the housing rent support policy that has been recently approved by the Prime Minister, heard a press conference in Hanoi on March 30.

Some new policies affecting most residents in the country take effect in January 2022.

The total balance of the Social Insurance and Unemployment Insurance funds reached VND953 trillion by 2020, an increase of 14.3 percent over 2019.

Pension and social insurance allowances and monthly subsidy will increase by 11 percent from January 1, 2022 under a proposal the Ministry of Labour, Invalids and Social Affairs (MoLISA) has submitted to the government.

The minimum number of years of social insurance payment to enjoy a pension should be reduced from 20 to 15, as proposed by the Ministry of Labour, Invalids and Social Affairs (MoLISA).

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

The goal is to have 100% of officials, party members and employees be informed of the contents of the reformed social insurance policy.

From April 16 to May 10, more than 440,000 people in Hanoi will receive both their April and May monthly pension and social insurance allowance one time at home.

If the regulation on compulsory social insurance for foreign workers in Vietnam is implemented, Vietnam would have the highest labour cost for foreign workers in the region, foreign experts warn.

 VietNamNet Bridge – As many as 815 enterprises in HCM City owe more than six months of social insurance payments, while thousands of enterprises owe two months.