The total balance of the Social Insurance and Unemployment Insurance funds reached VND953 trillion by 2020, an increase of 14.3 percent over 2019.
2020 was the first year that VN saw the number of people with compulsory social insurance decreasing.
The data was reported in the Government's report to the National Assembly on social insurance policy implementation and social insurance fund management.
Around 15 million people had compulsory social insurance by the end of 2020, a decrease of 153,092 people, or one percent, from the year before.
This was the first year that Vietnam saw the number of people with compulsory social insurance decreasing. This was attributed to the Covid-19 pandemic, which has caused workers at enterprises and production facilities to lose jobs, so they are no longer subject to compulsory social insurance.
The implementation of policies on streamlining and restructuring the apparatus of civil servants and public employees was also a reason.
According to Social Insurance, more than 151,000 organizations and individuals have an income, but don't pay compulsory social insurance premiums for their workers, while 213,000 organizations and individuals pay compulsory social insurance premiums, but insufficiently. These are mostly small and micro institutions and individuals.
The Government's report showed that collections from compulsory social insurance premiums in 2020 was VND261.7 trillion, up by 6.28 percent over 2019.
The average wage based on which employers and employees paid social insurance premiums was VND5.6 million a month, an increase of 6.05 percent.
However, the increase was still lower than the average increase of the 2016-2019 period.
The reason was the pandemic. As businesses have fallen into difficulty, they have not increased pay to workers and have not adjusted the basic wage.
By the end of 2020, the total amount of late payment of compulsory social insurance premiums had reached VND12.113 trillion, an increase of VND2.013 trillion, or 19.9 percent compared with 2019.
Regarding investments by Social Insurance, the agency bought Government bonds, deposited money at banks, and bought corporate bonds issued by commercial banks with healthy operations as per the assessment if the central bank.
The total balance of the fund's investments had reached VND897.7 trillion as of the end of 2020, up by 10.33 percent over 2019. Of this, VND779.2 trillion was injected into Government bonds, which accounted for 86.8 percent of total investment balance, and VND118.5 trillion, or 13.2 percent, into commercial bank bonds.
The total interest from investment activities in 2020, including interest from demand accounts and automatic investment interest was VND47.59 trillion. The average investment interest rate was 5.02 percent.
Total expenditures on social insurance benefits from the state budget in 2020 were VND47.146 trillion, down VND115 billion, or 0.2 percent, compared to 2019.
- Former heads of Vietnam Social Security brought to court
- LIC makes over Rs 14,000 crore profit from markets till mid-Nov this fiscal
- Everything You Need to Know About Social Security
- Classroom | What are mutual funds and why should I invest in them? (Mutual funds: Part 1)
- SBI MF banks on SLR & ESG investing to become money manager to the nation
- Experts take aim at climate investment
- Trillions of dollars hidden in these tax havens!
- Reshaping business to create social value
- FG to invest N500bn in 5 yrs to bridge housing deficit — Presidency
- Dear Alibaba, thank you for the $10 trillion gift
- Amazon halved corporation tax bill despite UK profits tripling
- Buttigieg proposes long-term care benefits for older Americans, protecting Social Security 'forever'
- Medicare for All is as Ridiculous as Nationalizing Potato Chips | Opinion
- ICICI Pru Life wants to keep asset and liability side pristine: NS Kannan
- If You Charge People to Tweet, They’ll Revolt in the Street
- VIETNAM BUSINESS NEWS HEADLINES DECEMBER 1
- Mounting concerns over Nigeria’s weak disposable income
- China Focus: Private enterprises help bolster China's high-quality growth
- Dai-ichi Life Vietnam: the best rather than the largest
- Japan Post Bank admits improper sales to elderly clients, discovers 19,500 cases
Social insurance has VND900 trillion in surplus, profits from investments have 613 words, post on vietnamnet.vn at October 22, 2021. This is cached page on Talk Vietnam. If you want remove this page, please contact us.