To reduce the minimum period of social insurance payment to enjoy pension to 15 years in Vietnam

To reduce the minimum period of social insurance payment to enjoy pension to 15 years in Vietnam (Internet image)

On July 28, 2023, the Government passed Resolution 114/NQ-CP at the July 2023 Government meeting on the Social Insurance Law project (amended).

To reduce the minimum period of social insurance payment to enjoy pension to 15 years in Vietnam

According to Resolution 114/NQ-CP dated July 28, 2023, the Government resolved the content of the Social Insurance Law project (amended) as follows:

The Government agrees on the necessity, goals, and viewpoints of amending the Social Insurance Law (amended) and evaluating the Social Insurance Law project (amended) which has many complex contents with profound impacts on the social security system and workers. The Ministry of Labor, War Invalids, and Social Affairs has been proactive and scientific in organizing the development of the Law project in accordance with the provisions of the Law on Promulgation of Legislative Documents.

The content of the draft Basic Law has institutionalized the views and policies of the Party and State on reforming and perfecting social insurance policies in new conditions, overcoming many inadequacies and problems in the practical implementation of the Law.

The Ministry of Labor, War Invalids, and Social Affairs presides and coordinates with relevant agencies to fully absorb comments from Government Members, completing the content of the draft Law towards:

- Institutionalize and concretize the Party's policies and guidelines on social insurance; Continue to summarize relevant legal regulations and remove difficulties from practice; fully evaluate the theoretical basis and grounds to identify issues that need to be inherited, issues that need to be supplemented and improved, or issues that need to be abolished;

Organize consultation with stakeholders, consult with experts and scientists, and consult international experiences; Implement decentralization and authorization associated with inspection and supervision activities; diversify resources to mobilize organizations to implement the law...

- The issue of one-time withdrawal of social insurance is quite complicated and has a great impact on economic and social life, so two options can be proposed to seek the National Assembly's opinion, which is necessary to express opinions and grounds for choosing a specific plan and research and prescribe practical measures to support and encourage employees to voluntarily reserve time to participate in social insurance to enjoy a pension instead of receiving one-time social insurance.

- Regarding social insurance management costs, it is necessary to synthesize two options to seek opinions from the National Assembly, which clearly show the selected plan and determine the total specific Social Insurance management costs of each plan on the basis of a full assessment of the theoretical basis, domestic practice and international practice.

- Agree on the need for support from the state budget to supplement policies, increase benefits, increase attractiveness, and attract people to participate in social insurance to ensure long-term social security for the people, demonstrating the policy of not sacrificing progress and social justice in pursuit of simple economic growth, aiming to achieve the goals of Resolution 28-NQ/TW dated May 23, 2018.

Basic agreement on issues such as reducing the minimum social insurance payment period to enjoy pension from 20 years to 15 years; reduce the age for social pension benefits from 80 years old to 75 years old; Expanding the group of subjects participating in compulsory social insurance...

Assign the Minister of Labor, War Invalids and Social Affairs, authorized by the Prime Minister, on behalf of the Government to sign the Proposal to the National Assembly on the Law on Social Insurance (amended).

More details can be found in Resolution 114/NQ-CP dated July 28, 2023.

Ho Quoc Tuan

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