Vietnam Social Security to implement the payment of monthly pension and social insurance benefits via personal accounts for beneficiaries

Vietnam Social Security to implement the payment of monthly pension and social insurance benefits via personal accounts for beneficiaries (Image from the internet)

On August 7, 2024, Vietnam Social Security issued Official Dispatch 2646/BHXH-TCKT regarding the implementation of the payment of monthly pension and social insurance benefits via personal accounts for beneficiaries.

Vietnam Social Security to implement the payment of monthly pension and social insurance benefits via personal accounts for beneficiaries

Implementing the payment of monthly pension and social insurance benefits via personal accounts for beneficiaries, Vietnam Social Security has issued Official Dispatch 1665/BHXH-TCKT on May 31, 2024, and Official Dispatch 2534/BHXH-TCKT on July 26, 2024. Accordingly, the payment cycle for August 2024 is carried out in 43 Social Security offices in provinces and centrally managed cities (hereinafter referred to as provincial Social Security offices).

During implementation at some provincial Social Security offices, certain beneficiaries registered incorrect account information (such as wrong account numbers; registered using ATM card numbers, e-wallets, etc.), leading to the Social Security office being unable to transfer the benefits to the beneficiaries. To ensure the beneficiaries' rights, Vietnam Social Security provides the following guidance:

- According to Point b, Clause 3, Article 18 of the Social Insurance Law 2014, employees have the right:

“3. To receive their pension and social insurance benefits fully, promptly, through one of the following payment methods:

a) Directly from the social insurance agency or service organization authorized by the social insurance agency;

b) Through the employee's deposit account opened at a bank;

c) Through their employer.”

Receiving benefits through a deposit account opened at a bank is the beneficiary's right. Registering to receive money via ATM cards, e-wallets, etc., is not regulated in the Social Insurance Law 2014.

- For cases where incorrect account information is registered, leading to the Social Security office being unable to transfer the money to the beneficiaries:

+ Provincial Social Security offices must update hourly to identify beneficiaries who have not received money due to account number issues. Social Security officers should contact the beneficiaries to notify them of the invalid account numbers and guide them in changing the information according to Form 2-CBH issued under Decision 166/QD-BHXH dated January 31, 2019, by the General Director of Vietnam Social Security, which promulgates the process for resolving social insurance benefits, social insurance fund, and unemployment insurance policies.

+ Immediately after receiving Form 2-CBH from the beneficiaries, provincial Social Security offices should cooperate with banks to quickly transfer the money to the beneficiaries, ensuring they receive the money in the August 2024 payment cycle without any unresolved pension or social insurance benefits by the end of the August 2024 payment cycle due to issues from the Social Security office.

+ Actively communicate to the beneficiaries, cooperate in implementation to ensure the prompt rights to benefits for the beneficiaries.

- For the Support Team at Vietnam Social Security:

+ Regularly and actively monitor issues during the payment process at provincial Social Security offices to promptly support and resolve them.

+ Summarize existing problems and propose solutions to overcome and ensure effective implementation in subsequent payment cycles.

+ Take responsibility for supporting provincial Social Security offices in payment work.

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