Amendment of the Law on Social Insurance to restrict employees from withdrawing one-time social insurance in Vietnam

Withdraw social insurance once

As prescribed in Article 1 of the Resolution No. 93/2015/QH13 on implementation of the policy on lump-sum social insurance payout to employees issued by the National Assembly, in particular:

(1) The employees are reserved the time of social insurance payment to meet the conditions for entitlement to pension to ensure the life upon the expiration of working age under the provisions of the Law on social insurance 2014.

Employees who participate in compulsory social insurance after one year of leave and voluntarily pay social insurance premiums within one year and have paid social insurance premiums for less than 20 years may receive lump-sum social insurance benefit.

(2) The rate of entitlement to one-time social insurance for the persons participating in compulsory social insurance is calculated by the number of years of payment of social insurance premium.

- 1.5 months of average monthly salary paid for social insurance for the years of payment prior to 2014;

- 02 months of average monthly salary paid for social insurance for the years of payment from 2014 onwards.

(3) The rate of entitlement to one-time social insurance for the participants of voluntary social insurance is calculated by the number of years of payment of social insurance premium.

- 1.5 months of average monthly income on which social insurance premiums are based, for the years of payment prior to 2014;

- 02 months of average monthly income on which social insurance premiums are based for the years of payment since 2014.

To amend the Law on Social Insurance in order to limit laborers who withdraw their lump-sum social insurance benefit

According to Notice 128/TB-VPCP in 2022 on conclusion of Deputy Prime Minister Vu Duc Dam in the meeting about situation and solutions to overcome labor shortage that the Office of Government issues the regulations on amending the Law on social insurance in order to limit the employees to withdraw their one-time social insurance.

In the process of completing the Law on Health Insurance, the competent authority must, while amending the law, complete the policy to support the majority of employees who face difficulties in order to avoid the situation that the people receive social insurance benefits in the near future.

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