How is the Social Insurance Indexation adjusted for the year 2024 in Vietnam?
How is the Social Insurance Indexation adjusted for the year 2024 in Vietnam? - Mr. Quoc (Long An)
How is the Social Insurance Indexation adjusted for the year 2024 in Vietnam?
On December 29th, 2023, the Minister of Labour, War Invalids and Social Affairs promulgated the Circular 20/2023/TT-BLDTBXH stipulating indexation rate of monthly salary and income after payment of social insurance contributions.
From February 15th, 2024, the Social Insurance Indexation is adjusted as follows:
(1) The indexation rate of monthly salary after payment of social insurance contributions
|
Year |
Before 1995 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
2004 |
|
Indexation rate |
5,43 |
4,61 |
4,36 |
4,22 |
3,92 |
3,75 |
3,82 |
3,83 |
3,68 |
3,57 |
3,31 |
|
Year |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
|
Indexation rate |
3,06 |
2,85 |
2,63 |
2,14 |
2,0 |
1,83 |
1,54 |
1,41 |
1,33 |
1,27 |
1,27 |
|
Year |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
|
|
Indexation rate |
1,23 |
1,19 |
1,15 |
1,12 |
1,08 |
1,07 |
1,03 |
1,0 |
1,0 |
|
|
(2) The indexation rate of monthly income after payment of social insurance contributions
|
Year |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
|
Indexation rate |
2,14 |
2,0 |
1,83 |
1,54 |
1,41 |
1,33 |
1,27 |
1,27 |
1,23 |
|
Year |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
|
|
Indexation rate |
1,19 |
1,15 |
1,12 |
1,08 |
1,07 |
1,03 |
1,0 |
1,0 |
|
How to calculate the lump-sum social insurance allowance for people who have only paid the social insurance premium under 1 year in Vietnam?
Pursuant to Article 60 of the Law on Social Insurance in 2014 stipulating lump-sum social insurance allowance as follows:
Lump-sum social insurance allowance
...
2. The lump-sum social insurance allowance shall be calculated based on the number of years of social insurance premium payment; for each year of payment it must equal:
a/ 1.5 times the average monthly salary on which social insurance premiums are based, for the years of payment prior to 2014;
b/ 2 times the average monthly salary on which social insurance premiums are based for the years of payment since 2014;
c/ For a period of social insurance premium payment of under 1 year, the social insurance allowance must equal the paid premium amount but not exceed 2 times the average monthly salary on which social insurance premiums are based.
3. The lump-sum social insurance allowance specified in Clause 2 of this Article is exclusive of the State’s monetary support for payment of voluntary social insurance premiums, except the case specified at Point c, Clause 1 of this Article.
4. The time for enjoying the lump-sum social insurance allowance is the time stated in decisions of social insurance agencies.
As regulations above, for a period of social insurance premium payment of under 1 year, the social insurance allowance must equal the paid premium amount but not exceed 2 times the average monthly salary on which social insurance premiums are based.
How is the Social Insurance Indexation adjusted for the year 2024 in Vietnam? - image from internet
What are cases of enjoyment of lump-sum social insurance in Vietnam in 2024?
Pursuant to Clause 1 Article 8 of the Decree 115/2015/ND-CP stipulating lump-sum social insurance payout as follows:
Lump-sum social insurance payout
1. Each employee defined in Clause 1 and Clause 2 Article 2 of this Decree is entitled to a lump-sum social insurance payout upon request if they fall in any of the following cases:
a) He/she reaches the statutory retirement age specified Clauses 1, 2 and 4 Article 54 of the Law on Social insurance but has paid social insurance for under 20 years or he/she reaches the statutory retirement age specified Clause 3 Article 54 of the Law on Social insurance but has paid social insurance for under 15 years and does not continue paying voluntary social insurance;
b) He/she has not paid social insurance for under 20 years and does not continue paying social insurance after 1-year work ceasing.
c) He/she settles abroad;
d) He/she suffers a fatal disease, such as cancer, poliomyelitis, dropsy cirrhosis, leprosy, serious tuberculosis, HIV infection progressing into AIDS, or other diseases as prescribed by the Ministry of Health;
...
As regulations above, each employee is entitled to a lump-sum social insurance payout upon request if they fall in any of the following cases:
- He/she reaches the statutory retirement age but has paid social insurance for under 20 years or he/she reaches the statutory retirement age but has paid social insurance for under 15 years and does not continue paying voluntary social insurance;
- He/she has not paid social insurance for under 20 years and does not continue paying social insurance after 1-year work ceasing.
- He/she settles abroad;
- He/she suffers a fatal disease, such as cancer, poliomyelitis, dropsy cirrhosis, leprosy, serious tuberculosis, HIV infection progressing into AIDS, or other diseases as prescribed by the Ministry of Health;
Note: Above cases are only applied to following entites:
- Employees are Vietnamese citizens who participate in compulsory social insurance
- Vietnamese guest workers prescribed in the Law on Vietnamese guest workers participating compulsory social insurance
Note: Circular 20/2023/TT-BLDTBXH takes effect on February 15th, 2024. Regulations included in the Circular 20/2023/TT-BLDTBXH shall be applied from January 1st, 2024.
Best regards!
