Vietnam Social Insurance has yet to recover any money from the VND1 trillion in loans it gave to a financial leasing arm of the Vietnam Bank for Agriculture and Rural Development (Agribank) as of December 2011, said the Vietnam State Inspectorate (VSI). The VND1.01 trillion ($48.5 million) loans Vietnam Social Insurance offered to Agribank’s Financial Leasing Company II (ALC II) are totally wrong, said the state agency. Consequently, by the end of last year, ALC II still owed Vietnam Social Insurance VND787.5 billion in principal and VND264.5 billion in interest that may become unrecoverable, said VSI. VSI has also recommended that Vietnam Social Insurance figure out measures to recover the amount of the overdue principal and interest at ALC II. The insurance agency has also been asked to clarify personal responsibility for the mistaken lending so that the related individuals can be officially charged. Agribank takes the lead in non-performing loans (NPLs) with 6.45 percent … [Read more...] about Social Insurance yet to recover $48.5 mln loan to firm
Social insurance
Social insurance conundrum
Ensuring social insurance fund payment stability remains a pressing question. The study had pointed out a number of problems in Vietnam's current social security system. Accordingly, only 20 per cent of the workforce contributes to the social insurance fund whereas the rate of contributors/recipients is falling dramatically. … [Read more...] about Social insurance conundrum
Insider busted for social insurance scam in Vietnam
Labor authorities in southern Vietnam has requested a probe into a scam which sought out pregnant women in order to claim postnatal insurance on their behalf. The Vinh Long Social Insurance Department in the Mekong Delta said the operation, disguised as the Online Communication Company, was based in Can Tho and had many offices across the delta, including Vinh Long. … [Read more...] about Insider busted for social insurance scam in Vietnam
Social insurance agency calls for health fee review
Vietnam Social Insurance (VSI) has asked all local authorities, especially those that have adopted their own health service fees, to reduce the new approved fee rates expected next month. The request was made on July 10, after many localities have adopted their own health service fees that are considered high compared with local living conditions, said Nguyen Minh Thao, vice general director of the VSI. These local rates have been designed based on the ceiling prices of more than 440 health services issued by the Ministries of Health and Finance in February. A number of provinces expect to apply their new fees in early August, since local People’s Councils have approved them. If such new rates are applied soon, total medical cost for people covered by health insurance – now accounting for about 63 percent of total population – may increase by VND10 trillion (US$479.5 million), or 30 percent per year from the current amount, according to the VSI. At the same time, … [Read more...] about Social insurance agency calls for health fee review
Late payment of social insurance lightly fined
Ho Chi Minh City Social Securities deputy director Do Quang Khanh brings some light to social insurance payment in the southern hub and suggests measures to help cushion the increase in violations within the social insurance domain. Would you describe the current unemployment insurance picture in Ho Chi Minh City? Payment of unemployment insurance benefits is now a practice in Ho Chi Minh City. We have been coordinating closely with the city's Department of Labour, Invalids and Social Affairs as well as job promotion centres to handle the work. However, some problems have persisted with social insurance payments. For instance, firms that don't pay attention to the payment of unemployment insurance for their labourers or which experience frequent changes in manpower make it difficult for us to get a grip on the [social insurance] payment situation at enterprises What is the social insurance payment situation in Ho Chi Minh City? More than 1.1 million labourers currently make … [Read more...] about Late payment of social insurance lightly fined