Meanwhile, 291,000 people have bought voluntary social insurance and health insurance has covered 86% of the country’s population, exceeding the target assigned by the Government by 30%. To encourage people to join voluntary social insurance, the government will offer a premium discount of 10-20% to poor people depending on their circumstances from January 1, 2018. VSS Deputy General Director Pham Luong Son said that the VSS ranks second among 20 ministries and sectors pioneering in applying information technology in operations. It has operated an IT centre and a customer service centre to receive feedback from customers and deal with their complaints. The VSS plans to issue electronic health insurance cards for customers to reduce administrative procedures and save time. Son said that social insurance debts in 2017 are estimated at VND5.73 trillion (US$253 million), down 0.8% compared to 2016., saying that the new regulations on applying criminal punishment to insurance … [Read more...] about VSS: Social insurance coverage on the rise
Social insurance
Extra social insurance contribution required for maximum pension
Extra social insurance contribution required for maximum pension The Saigon Times Daily HCMC - From 2018 onwards, workers will have to contribute social insurance for five more years, meaning 35 years for men and 30 years for women, if they want to enjoy the highest pension rate of 75%, according to a Vnexpress report. The 2014 Law on Social Insurance stipulates a gradual increase in the period of social insurance contribution to be eligible for the maximum pension. From January 1, 2018, retired female workers who have contributed social insurance for 15 years will get a pension equaling to 45% of their average monthly salary. Starting from the 16th year, the pension grows by 2%. Those female workers who have made social insurance contributions for 30 years will enjoy the maximum pension rate of 75%. The current duration is 25 years. Meanwhile, male workers who have had 15 years contributing social insurance currently get a pension representing 45% of their average monthly wage. … [Read more...] about Extra social insurance contribution required for maximum pension
Social insurance coverage remains low despite favorable policy
Social insurance coverage remains low despite favorable policy Truc Diem HANOI - Although Vietnam’s social insurance policy is considered among the most generous in the world, the coverage of social insurance has reached only 24%, experts said at an international conference on social insurance in Hanoi on March 29. Doan Mau Diep, Deputy Minister of Labor, Invalids and Social Affairs, noted the Government had set a target of having half of the nation’s labor force covered by social insurance by 2020. However, this rate reached only 23.9% by end-2016. Although many measures have been taken, the socially insured has remained very low in recent years. In addition to the slow growth of social insurance penetration, the social insurance fund is at risk of imbalance in the long term. According to Pham Truong Giang, head of the Social Insurance Department under the Ministry of Labor, Invalids and Social Affairs, the early retirement age of Vietnam (60 for men and 55 for women) … [Read more...] about Social insurance coverage remains low despite favorable policy
Only 6% of construction workers buy social insurance
Only 6% of construction workers buy social insuranceThuy Dung HANOI – Among three million workers in the construction industry, a mere 6% of them had social insurance coverage in 2014, shows a survey released at a seminar in Hanoi last Friday. The event was jointly held by the Ministry of Labor, Invalids and Social Affairs, and the International Labor Organization (ILO). Meanwhile, in the handicraft sector, around 20% of 300,000 workers at enterprises making bamboo and rattan products were socially insured, according to the Vietnam Household Living Standards Survey 2014. This rate, though much higher than in the construction sector, is still alarmingly low. An ILO report shows both enterprises and employees in these two sectors were reluctant to participate in social insurance. Paulette Castel, an ILO consultant, said laborers want stable careers but are also ready to quit their jobs and return home if possible. Especially, construction workers seek short-term income sources … [Read more...] about Only 6% of construction workers buy social insurance
Higher social insurance premiums to benefit workers
HÀ NỘI – An increase in social insurance premiums that will accompany new rules that take effect next year will benefit workers, officials claim. At an online discussion on the Government portal on Friday, Lê Quân, Deputy Minister of Labour, Invalids and Social Affairs, said that the change in social insurance premium based on the actual monthly salary of workers was necessary to ensure their benefits once they stopped working. It would lend stability to workers’ lives after retirement, he said. According to Quân, at present, an employee’s social insurance contribution is based on wages and perks mentioned in the labour contract. From January 1, 2018 onwards, it will cover wages, perks and other allowances, including those based on designation, responsibility, hazardous work and seniority, that are not mentioned in labour contracts. However, Quân added that not all allowance and additional payments will be included calculating … [Read more...] about Higher social insurance premiums to benefit workers