Interest rates for late payment interest, arrears of social insurance, unemployment insurance, and late payment interest for health insurance in HCMC, Vietnam in 2024

Interest rates for late payment interest, arrears of social insurance, unemployment insurance, and late payment interest for health insurance in HCMC, Vietnam in 2024 (Internet image)

On January 15, 2024, Ho Chi Minh City Social Insurance issued Notice 257/TB-BHXH adjusting interest rates for late payment interest and arrears of health insurance, social insurance, and unemployment insurance.

Interest rates for late payment interest, arrears of social insurance, unemployment insurance, and late payment interest for health insurance in HCMC, Vietnam in 2024 

Pursuant to Decision 60/2015/QD-TTg dated November 27, 2015 of the Prime Minister stipulating delay in health insurance payment of 30 days or more, the interest amount collected is twice the interbank market interest rate for a 9-month period as announced by the State Bank of Vietnam on its official electronic portal, calculated based on the outstanding amount and the delayed payment period.

Pursuant to Notice 80/TB-BHXH dated January 12, 2024 of Vietnam Social Insurance, the investment interest rate from the Social Insurance Fund in 2023 is 4.36%/year, the 9-month interbank market interest rate announced by the State Bank on December 29, 2023 is 5.90%/year.

The City Social Insurance announces to employers in the city the applicable interest rates from January 1, 2024 as follows:

- Interest rate for late payment interest and arrears of social insurance and unemployment insurance is 0.363%/month

- The interest rate for late payment of health insurance is 0.492%/month.

(Notice 257/TB-BHXH replaces Notice 01/TB-BHXH dated January 2, 2024).

Regulations on collecting interests on delayed social, health and unemployment insurance premiums in Vietnam

* Interests on delayed social, health and unemployment insurance premiums in Vietnam shall be collected as follows:

- If the payment of health insurance premiums delays from 30 days and over, the interests thereon to be collected shall be twice interbank nine-month term interest rates from last year published by the State bank of Vietnam. If the interbank nine-month interest rates are not available, interest rates of the term preceding the nine-month term shall be applied;

- In case of evasion, delay or appropriation of social and unemployment insurance premiums, benefits from 30 days and over, the interests thereon to be collected shall be twice the last year’s average interest rate on investments of social, unemployment insurance funds;

- Within the first 15 days of January annually, Vietnam Social Security shall issue a written notice of average monthly interest rates based on the average interest rate prescribed in Points a and b, this Clause to affiliated social insurance agencies, the Ministry of Defence' Social Security and Ministry of Public Security's Social Security for implementation.

* The collected interests on delayed social, health and unemployment insurance premiums shall be made in a separate balance sheet between social insurance agencies at all levels and Vietnam Social Security and be reviewed and managed by Vietnam Social Security as follows:

- The interests on delayed social insurance premiums shall be added to pension and survivorship funds under the social insurance funds.

- The interests on delayed health insurance premiums shall be added to health insurance provision funds for general management;

- The interests on delayed unemployment insurance premiums shall be added to unemployment insurance funds.

(Clause 3, 4 of Article 6 of Decision 60/2015/QD-TTg)

Ho Quoc Tuan

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