Nearly 21 Million People Enrolled in Social Insurance
According to the Ministry of Home Affairs, almost 21 million people were enrolled in social insurance this quarter, a 13.4% increase from the same period last year. Notably, nearly 2.6 million people participated in voluntary social insurance, a nearly 59% surge compared to the second quarter of 2024.
The Ministry of Home Affairs reported that over 3.3 million people received monthly pension and social insurance benefits during this quarter.
Regarding the processing of social insurance benefits, the Ministry of Home Affairs shared that 3.32 million people received monthly pension and social insurance benefits. This figure remains consistent with the previous quarter.
Furthermore, the Ministry of Home Affairs also reported that over 284,000 people filed for unemployment benefits this quarter, an increase of more than 139,000 individuals compared to the first quarter. However, this number is still approximately 51,000 lower than the same period last year.
Out of the 284,000 people who filed for unemployment benefits in the second quarter, over 258,300 were granted unemployment benefits.
Unemployment Rate Rises
According to the Ministry of Home Affairs, the country’s workforce exceeded 53 million people this quarter, with nearly 170,000 more individuals compared to the previous quarter. Of these, approximately 52 million were employed, mainly in the services sector (accounting for nearly 41%), followed by industry and construction, and agriculture, forestry, and fisheries.
However, the number of unemployed individuals rose to 1.06 million, an increase of 25,300 people from the previous quarter and approximately 13,300 from the same period in 2024.
Notably, the unemployment rate among youth also witnessed a 0.26% uptick, indicating that many young people continue to struggle to find employment amidst economic fluctuations.
The second-quarter data also revealed a distinct shift in the employment structure across industries. Several sectors experienced a significant decline in their workforce, including manufacturing (a reduction of over 109,000 people), accommodation and food services (a decrease of 33,600 people), and arts, entertainment, and recreation (a drop of 18,600 people).
In contrast, some sectors demonstrated positive recovery trends, such as construction (an increase of over 131,000 jobs), transportation and warehousing (a surge of more than 110,000), and finance, banking, and insurance (an addition of 40,500 jobs).
The Ministry of Home Affairs forecasts that the third quarter will see approximately 53.2 million employed individuals, an increase of roughly 100,000 people.
The industries expected to witness job growth include electronics and computer manufacturing, transportation equipment manufacturing, and processed manufacturing.
However, certain sectors may continue to face declining demand, including mining, water supply and treatment, and machinery repair and maintenance.
The New Social Security Wage Base: Adjusting for a Secure Retirement from 2025 Onwards
The Ministry of Labour, Invalids and Social Affairs has issued Circular No. 01/2025/TT-BLDTBXH, stipulating the adjustment rates for monthly salaries and incomes on which social insurance contributions are based.
Streamlining the Redundancy Process: A Fair Approach for Civil Servants
(NLĐO) – With an ever-growing need to streamline the public sector, it is imperative that the government implements additional policies to support those affected by the reduction in civil servants and public employees. These policies should focus on providing new job opportunities and helping them stabilize their lives.
The Golden Years: Navigating Early Retirement Packages and Pension Plans
Those who are subject to the streamlined staffing arrangement will be entitled to various allowance regimes when they retire early, with different salary allowance levels depending on the specific object of the arrangement.
The Golden Years: Unlocking Retirement Benefits After 40 Years of Social Insurance Contributions – What’s Your Pension Worth?
Retirement benefits serve as a solid financial foundation for social insurance participants and their families when they reach retirement age. This is especially true for those who have diligently contributed to the social insurance program for 30 years or more, providing them with a sense of security and stability in their golden years.
Streamlining the Unemployment Insurance Process
The process and procedure for claiming unemployment benefits are complex and inefficient, and therefore, it is necessary to simplify them as soon as possible.
