The Ministry of Labour, Invalids, and Social Affairs is seeking feedback from ministries and sectors on the draft Decree detailing and guiding the implementation of several articles of the Social Insurance Law regarding voluntary social insurance. The decree will take effect on July 1, 2025, simultaneously with the amended law.
The draft decree details the level of financial support for participants in voluntary social insurance. Specifically, the state will provide financial support for participants, calculated as a percentage of their monthly social insurance contributions, based on the rural poverty line as stipulated in Articles 31.2 and 36.1 of the Social Insurance Law.
The Ministry of Labour, Invalids, and Social Affairs proposes two schemes for state support for voluntary social insurance contributions. Photo: Minh Thao.
There are two proposed schemes for state support. Scheme 1 suggests a 50% support rate for participants from poor households, 40% for those from near-poor households, 30% for those from ethnic minority groups, and 20% for other participants. Scheme 2 proposes a 30% support rate for participants from poor households and ethnic minority groups, 25% for those from near-poor households, 20% for those from ethnic minorities, and 10% for other participants.
If a participant falls under multiple eligible categories, they will receive support at the highest applicable rate. The decree also encourages local authorities, organizations, and individuals to provide additional financial support for participants in voluntary social insurance.
The government will periodically adjust the support levels based on socio-economic development and state budget conditions. The duration of support will depend on the actual participation period of each individual, up to a maximum of 10 years.
Every three, six, or twelve months, the social insurance agency will consolidate the number of beneficiaries, the amount collected from them, and the amount of state support, using a template issued by Vietnam Social Security after consulting with the Ministry of Finance. This information will then be sent to the financial authority for the transfer of funds to the social insurance fund.
Participants in voluntary social insurance can choose to make a one-time payment for future years, up to a maximum of five years (60 months) at a time. Individuals who have reached retirement age as per Article 169.2 of the Labor Law but are short of the required insurance period by no more than five years (60 months) can make a one-time payment to fulfill the 15-year requirement for pension eligibility.
The one-time payment for the remaining years will be calculated as the sum of the contributions for the missing months, applying a compound interest rate equivalent to the average monthly investment return of the social insurance fund announced by Vietnam Social Security for the previous year…
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