Deployment of social insurance agencies to transfer pension via personal accounts in Vietnam

Deployment of social insurance agencies to transfer pension via personal accounts in Vietnam

During the implementation process at several provincial social insurance agencies in Vietnam, there have been instances where beneficiaries registered incorrect account information (such as wrong account numbers; registration using ATM card numbers, e-wallets, etc.), leading to the social insurance agencies's inability to transfer payment policies to the beneficiaries. To ensure the rights of the beneficiaries, Vietnam Social Security provides the following guidelines:

- As stipulated in Item b Clause 3 Article 18 Law on Social Insurance 2014, employees have the right to receive their pensions and social insurance benefits fully and promptly, through one of the following payment methods:

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

+ Through a deposit account opened by the employee at a bank;

+ Through the employer.

Receiving policies through a deposit account opened at a bank is a right of the beneficiary. Registration to receive money via ATM card numbers, e-wallets, etc., is not stipulated in the Law on Social Insurance.

- For cases where incorrect account information is registered, resulting in the social insurance agencies's inability to transfer money to the beneficiaries:

- The provincial social insurance agencies must update hourly to identify beneficiaries facing account number issues and not receiving the money. Social Security staff should contact the beneficiaries to inform them of the invalid account numbers and guide them to change the information according to Form 2-CBH issued under Decision 166/QD-BHXH on January 31, 2019, by the Director-General of Vietnam Social Security, which promulgates the process for resolving social insurance policy benefits, and paying social insurance and unemployment insurance policies.

+ Immediately upon receiving Form 2-CBH from the beneficiaries, the provincial social insurance agencies should cooperate with banks to transfer money to the beneficiaries right away, ensuring that the beneficiaries receive the money in the August 2024 payment period, with no situation of not receiving pension or social insurance benefits at the end of the August 2024 payment period due to issues from the social insurance agencies.

+ Proactively communicate with the beneficiaries to inform them and cooperate in implementing this to ensure the timely receipt of policy benefits.

More details can be found in Official Dispatch 2646/BHXH-TCKT dated August 07, 2024.

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