New regulations on the transfer of funds for policy payments and the management costs of Social Insurance and Health Insurance

Circular 24/2020/TT-BTC stipulates the transfer of payment funds for policies and management costs related to Social Insurance, Health Insurance, Unemployment Insurance, Occupational Disease and Accident Insurance for Military Social Insurance, Public Security Social Insurance, and the Ministry of Labor, War Invalids and Social Affairs, implemented as follows:

Illustrative image (Source: Internet)

- Before the 25th day of each month, Vietnam Social Security will transfer the payment funds for Social Insurance policies, Unemployment Insurance, Occupational Disease and Accident Insurance at the average monthly expenditure level of the approved budget for the year to Military Social Insurance, Public Security Social Insurance for payment to the beneficiaries in the following month. In cases where the expenditure level changes during the month, Military Social Insurance, Public Security Social Insurance must send a written request to Vietnam Social Security for prompt fund allocation. The transfer of funds for medical examination and treatment under Health Insurance complies with the Law on Health Insurance;

- Periodically, before the 10th day of the first month of each quarter, Vietnam Social Security transfers management costs for Military Social Insurance, Public Security Social Insurance, and the Ministry of Labor, War Invalids and Social Affairs (Employment Department, Occupational Safety Department) at the average quarterly expenditure level of the allocated budget. The transfer of funds for information technology application follows the regulations in Decree 64/2007/ND-CP dated April 10, 2007, by the Government of Vietnam on information technology application in state agencies' operations;

- In cases where it is time to transfer payment funds for Social Insurance policies, Health Insurance, Unemployment Insurance, and management costs to units as per regulations but the approved budget is not yet allocated, Vietnam Social Security will temporarily allocate funds as follows: Management costs at the average monthly expenditure level of the budget for the previous year; Social Insurance, Unemployment Insurance ensuring sufficient funds for payment of Social Insurance, Unemployment Insurance policies to the beneficiaries according to actual needs; temporary advance payment for medical examination and treatment under Health Insurance, as per the Law on Health Insurance.

More details can be found in: Circular 24/2020/TT-BTC, effective from May 30, 2020.

Thu Ba

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