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| social insurance participants will be entitled monthly allowances before reaching the age of eligibility for social pension__Photo: VNA |
The amended Law on Social Insurance was passed by the 15th National Assembly at its 7th session on June 29, 2024.
With 141 articles arranged in 11 chapters, the new Law has several noteworthy points.
Firstly, the Law provides a State-funded social pension scheme, which is developed from the current regulations on monthly social allowances for the elderly.
Secondly, the Law is designed along the line of developing a multi-tier social insurance system. Accordingly, social insurance participants will be entitled monthly allowances before reaching the age of eligibility for social pension. During that period, they are also eligible for state-covered health insurance benefits
Thirdly, under the new Law, the scope of compulsory social insurance participants is expanded.
Fourthly, the Law is more beneficial to social insurance participants, e.g., it reduces the minimum years of insurance premium payment required for entitlement to monthly pensions and grant maternity allowances to voluntary social participants.
Fifthly, the Law devotes a separate chapter to providing the management of social insurance premium collection and payment, clarifying the connotation of, and measures for handling, late payment and evasion of social insurance premiums.
Sixthly, the Law specifies a reference level, i.e., a money amount prescribed by the Government for calculation of social insurance premiums and benefits, to replace the basic salary level, which was abolished as from July 1.
Seventhly, the Law contains more specific provisions on the investment and management of the Social Insurance Fund as well as the approval, appraisal, account finalization of expenses for social insurance activities.
Eight, under the Law, social insurance administrative procedures are simplified, enabling electronic transactions in the social insurance sector and assessment of public satisfaction with the implementation of social insurance policies and regimes.
Lastly, the Law is added with regulations on international cooperation and further clarifies the state management responsibilities of the Ministry of Labor, Invalids and Social Affairs and the Ministry of Finance for social insurance-related issues.- (VLLF)
