The Ho Chi Minh City Social Insurance Agency has recently released a list of companies delinquent in their social insurance payments for three months or more, totaling over 17,700 businesses owing employee social insurance contributions. Notably, many of these companies have accrued debts amounting to tens of billions of Vietnamese dong, highlighting the persistent complexity of insurance obligation violations.
Effective July 1, 2024, the amended Social Insurance Law and the Law on Amendments and Supplements to Certain Articles of the Health Insurance Law came into force. Under the new regulations, employers failing to pay or evading social and health insurance contributions are obligated to settle the outstanding amounts and pay an additional 0.03% daily penalty on the overdue sum for each day of delay.
Beyond financial penalties, non-compliant businesses face administrative fines and disqualification from awards or honors. Critically, employers found guilty of evading insurance contributions may face criminal prosecution, underscoring the regulatory body’s commitment to safeguarding employee rights and deterring violations.
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The core provisions of the Social Insurance Law remain intact, with amendments and additions focusing solely on organizational restructuring.
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