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Official Gazette

Tuesday, May 30, 2017

Employers’ unemployment insurance payment rate to be cut by half

Updated: 09:33’ - 11/04/2017
The Government has just okayed a proposal to halve employers’ payment rate to the unemployment insurance fund.

The employers’ payment rate to the unemployment insurance fund will be halved__Photo: VNA

This is a salient point of Government Resolution No. 34 dated April 7.

Accordingly, an employer will be required to pay for its employees just 0.5 percent of the latter’s salary to the unemployment insurance fund, instead of 1 percent as at present.

However, businesses will have to wait for a certain time before the new payment rate is applied.

As scheduled, in the coming time, the Ministry of Labor, War Invalids and Social Affairs will join hands with the Ministry of Justice and the Government Office in devising a Resolution adjusting employers' payment rate to the unemployment insurance fund for submission to the National Assembly for consideration and passage. The new payment rate will be applied from the effective date such resolution through December 31, 2019.

The move, which is prompted by the Ministry of Labor, War Invalids and Social Affairs, can be regarded as the cabinet’s efforts to ease the social insurance burden on businesses.- (VLLF)
 

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