The National Assembly's Social Affairs Committee deputy chairman Bui Si Loi spoke with the Thoi bao Ngan hang (Banking Times) about the Government's guarantee for the social insurance fund. * Do you think there is a risk that the social insurance fund will break down? The social insurance fund is a long-term policy. At the moment, there is inequality between social insurance fees and pay levels. This means that people receive a lot of benefits while social insurance fees are very low. During the implementation process, it is true that the fund can break down, even in developed countries. In Vietnam, policies will be adjusted in order to minimise this risk. The Social Insurance Law will be revised in efforts to prevent future breakdowns. Despite many difficulties, the Government will guarantee the Social Insurance Fund's continued existence and development. * What measures are being taken to address the problem? There are many ways to handle the problem. First, the fee (premium) … [Read more...] about Govât defends national social insurance scheme
Social insurance numbers
Nhandan Newspaper – Deputy PM Dam urges radical changes to increase social insurance coverage
The government official was speaking during an international workshop on "Extending Social Security Coverage—International Experiences and Recommendations for Vietnam," held jointly by the Ministry of Labour, Invalids and Social Affairs (MOLISA) and the International Labour Organisation (ILO) in Hanoi yesterday. According to reports by MOLISA, by the end of 2016, more than 13 million Vietnamese people are participating in social insurance, accounting for about 28% of the labour force. Every year, about 4-5 million people are entitled to short-term social insurance and about 150,000 people enjoy long-term social security. However, the coverage of social insurance in Vietnam is still low compared to other countries around the world. Many workers have not been involved in social security and have not been protected against risks in their work, such as illness, labour accidents and unemployment. Along with that, the domestic social insurance system is not diversified and flexible, so … [Read more...] about Nhandan Newspaper – Deputy PM Dam urges radical changes to increase social insurance coverage
EuroCham voices concern over new social insurance rule – EuroCham voices concern over new social insurance rule
EuroCham voices concern over new social insurance rule Thuy Dung HANOI â Foreign nationals working in Vietnam will be subject to a new statutory social insurance regulation early next year, something which has sparked concern among European enterprises in the country. European firms said this rule may lead to the double taxation of social insurance for non-Vietnamese employees. In accordance with the Law on Social Insurance, which went into force early last year but will not cover foreign nationals working in Vietnam until early 2018, foreign workers in Vietnam with a work permit, or a practice certificate or license will have to contribute social insurance. But there are no specific guidelines for none-Vietnamese employees such as those signing a labor contract with a legal entity in Vietnam or being assigned to work in Vietnam on an assignment as well as for benefit entitlement for cases where foreign nationals terminate their assignment and go back to their home countries. … [Read more...] about EuroCham voices concern over new social insurance rule – EuroCham voices concern over new social insurance rule
EuroCham voices concern over new social insurance rule
In accordance with the Law on Social Insurance, which went into force early last year but will not cover foreign nationals working in Vietnam until early 2018, foreign workers in Vietnam with a work permit, or a practice certificate or license will have to contribute social insurance. But there are no specific guidelines for none-Vietnamese employees such as those signing a labor contract with a legal entity in Vietnam or being assigned to work in Vietnam on an assignment as well as for benefit entitlement for cases where foreign nationals terminate their assignment and go back to their home countries. “More comprehensive regulation would be recommended,” the European Chamber of Commerce in Vietnam (EuroCham) said. In practice, a certain number of foreign nationals who come to Vietnam for an assignment still maintain social security in their home countries or enter a voluntary healthcare program. For such cases, statutory social and health insurance will result in … [Read more...] about EuroCham voices concern over new social insurance rule
Firms ignore social insurance obligations
An employee of the Vinatex Group is examined and treated under insurance at the group's Textile and Garment Hospital. A number of enterprises are choosing profits over paying worker benefits. — VNA/VNS Photo Tran Viet THANH HOA — Most enterprises in the central province of Thanh Hoa have failed to pay various types of insurance for their workers, according to the provincial Social Insurance Agency. As many as 79 per cent of the province's enterprises had failed to make insurance payments for workers since the beginning of the year, said Do Hoa, manager of the collection division at Thanh Hoa Social Insurance. Hoa said both small and large companies had been neglecting workers insurance payments, with big businesses such as Thanh Hoa Shipping Industry Company owing nearly VND2 billion (US$105,260) in workers insurance payments. Other insurance laggards included the Viglacera Bim Son Joint-stock Company, which owes VND1.5 billion ($78,940), and the K2 Joint-stock Company, … [Read more...] about Firms ignore social insurance obligations