Laborers Benefit from the Amended Social Insurance Policy
The Vietnamese Ministry of Labor, War Invalids and Social Affairs is collecting people’s opinions on the draft Law on Social Insurance (amended), which proposes to reduce the year of social insurance contributions from 20 to 15 years to enjoy a minimum pension of 45%. Nguyen Duy Cuong, Deputy Director of the Social Insurance Department of the Ministry of Labor, Invalids and Social Affairs said to the media that this regulation is intended to create opportunities for late participants, who are already 45-47 years old when starting the contribution. This is also beneficial to employees who participate intermittently and do not accumulate enough 20 years of social insurance contributions at the time of retirement. These cases will now receive a monthly pension while would not previously be entitled to a pension according to the Social Insurance Law 2014. However, as regulated in the Law, employees participating in social insurance for 15 years will receive a low pension. For example