Vietnam: Formula adjusting the rate of monthly incomes for which the social insurance premiums have been paid from February 15, 2016

Specifically, the monthly incomes for which social insurance premiums have been paid of the entities regulated in Clause 2 Article 1 of Circular No. 58/2015/TT-BLDTBXH of the Ministry of Labor, War Invalids and Social Affairs of Vietnam shall be adjusted by the following formula:

In which, the adjustment rate of monthly incomes for which social insurance premiums have been paid in respective year shall comply with the following Table 2:

Table 2:

Moreover, as for the workers who have both a period of paying compulsory social insurance and a period of paying voluntary social insurance, the monthly incomes for which voluntary social insurance premiums have been paid shall be adjusted as regulated above.

If the workers have paid the social insurance premiums under the salary scheme decided by employers, the monthly salaries for which social insurance premiums have been paid under the salary scheme decided by employers shall be adjusted as regulated in Clause 1 Article 2 of this Circular. The average of monthly incomes for which voluntary social insurance premiums have been paid or the average of salaries and monthly incomes for which social insurance premiums have been paid shall be considered as a basis for calculating pensions, lump-sum allowance upon retirement, lump-sum allowance of social insurance and lump-sum death allowance in accordance with regulations in Clause 4 Article 11 of Decree No. 115/2015/ND-CP and Clause 4 Article 5 of Decree No. 134/2015/ND-CP of Vietnam’s Government.

View more details at: Circular No. 58/2015/TT-BLDTBXH of the Ministry of Labor, War Invalids and Social Affairs of Vietnam takes effect from February 15, 2016. 

Thu Ba

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