Will the Law on Amendments to the Law on Social Insurance be passed at the 7th Session of National Assembly of Vietnam? What are the notable changes in the Law on Amendments to the Law on Social Insurance?
Will the Law on Amendments to the Law on Social Insurance be passed at the 7th Session of National Assembly of Vietnam?
Pursuant to Clause 1, Article 3 of Resolution 89/2023/QH15 on the 2024 law and ordinance development program as follows:
2024 Law and Ordinance Development Program
1. 7th Session (May 2024):
a) Submission to the National Assembly for passing 09 laws and 01 resolution:
1. Law on Amendments to the Law on Social Insurance ;
2. Law on Amendments to the Law on Archives;
3. Law on National Defense Industry, Security and Industrial Mobilization;
4. Road Law;
5. Law on Road Traffic Order and Safety;
6. Amended Capital Law;
7. Law on Amendments to the Law on Organization of the People's Courts;
8. Law amending and supplementing certain articles of the Law on Guard Force (following the process at one session);
9. Law amending and supplementing certain articles of the Law on Asset Auction;
10. National Assembly resolution on the 2025 law and ordinance development program, adjusting the 2024 law and ordinance development program.
b) Submission to the National Assembly for comments on 09 draft laws:
1. Law on Amendments to the Law on Notarization;
2. Law on Amendments to the Law on Trade Union;
3. Law on Amendments to the Law on Cultural Heritage;
4. Law on Geology and Minerals;
5. Law on Civil Air Defense;
6. Law on Urban and Rural Planning;
7. Law on Juvenile Justice;
8. Law amending and supplementing certain articles of the Law on Pharmacy;
9. Law amending and supplementing certain articles of the Law on Standards and Technical Regulations.
The Law on Amendments to the Law on Social Insurance is scheduled to be submitted to the National Assembly for passing at the 7th Session of National Assembly of Vietnam (May 2024).
Additionally, the 7th session in May 2024 is expected to pass 08 other laws and 01 resolution.
Will the Law on Amendments to the Law on Social Insurance be passed at the 7th Session of National Assembly of Vietnam? What are the notable changes in the Law on Amendments to the Law on Social Insurance? (Image from the Internet)
What are the notable changes in the Law on Amendments to the Law on Social Insurance of Vietnam?
Based on the content of the draft Law on Amendments to the Law on Social Insurance , the Law on Amendments to the Law on Social Insurance has the following new points:
- Proposing to reduce the minimum number of years of social insurance contribution required to receive a pension from 20 years to 15 years.
- Proposing new regulations on lump-sum social insurance payments.
- Proposing social insurance books in electronic form to be issued to each employee.
- Proposing additional regulations on management, collection, and payment of social insurance, and additional measures to handle evasion of social insurance contributions.
Download the draft Law on Amendments to the Law on Social Insurance here.
Does the Law on Amendments to the Law on Social Insurance propose that those who have not yet reached retirement age can only withdraw 50% of their social insurance in one lump sum?
The 50% lump-sum social insurance withdrawal for individuals who have not yet reached retirement age is one of the proposed options in the draft Law on Amendments to the Law on Social Insurance .
To be specific, the content of Option 02, Point d, Clause 1, Article 77 of the draft Law on Amendments to the Law on Social Insurance is as follows:
Lump-sum Social Insurance
1. Employees defined in Clauses 1 and 2, Article 31 of this Law, upon request, will be entitled to lump-sum social insurance benefits under the following circumstances:
...
Option 2:
d) After 12 months without being subject to mandatory social insurance, do not participate in voluntary social insurance and have less than 20 years of social insurance contributions, upon request, the employee will be resolved for a partial payment but not exceeding 50% of the total time contributed to the retirement and death fund. The remaining social insurance contribution period will be reserved for the employee to enjoy social insurance benefits upon reaching retirement age.
Thus, according to Option 02, employees who have not yet reached retirement age will be resolved for a lump-sum partial social insurance payment but not exceeding 50% of their social insurance contributions.
According to Article 77 of the draft Law on Amendments to the Law on Social Insurance , employees defined in Clauses 1 and 2, Article 31 of the draft Law on Amendments to the Law on Social Insurance are entitled to lump-sum social insurance benefits in the following cases:
- Reaching retirement age but not having enough 15 years of social insurance contributions and not continuing to participate in voluntary social insurance;
- Moving abroad to settle;
- Suffering from one of the life-threatening diseases such as cancer, polio, cirrhosis of the liver with ascites, leprosy, severe tuberculosis, HIV infection moving into the AIDS phase;
- Suffering from any other significant life-threatening diseases as prescribed by the Ministry of Health not covered in point c of this clause;
- After 12 months not being subject to mandatory social insurance, do not participate in voluntary social insurance and have less than 20 years of social insurance contributions;
- In the case of employees defined in points d and dd, Clause 1, Article 31 of this Law, after 12 months from demobilization, discharge, or resignation without being subject to mandatory social insurance, do not participate in voluntary social insurance, and do not qualify for a pension.
- In the case of employees defined in points d and đ, Clause 1, Article 31 of the draft Law on Amendments to the Law on Social Insurance , after 12 months from demobilization, discharge, or resignation without being subject to mandatory social insurance, do not participate in voluntary social insurance, and do not qualify for a pension.
Resolution 89/2023/QH15 takes effect from July 17, 2023.
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