Does voluntary social insurance include a retirement plan?

Reply: Based on Article 4 of the Social Insurance Law 2024, it is stipulated that:

Article 4. Types and schemes of social insurance

1. Social retirement benefits include the following schemes:

a) Monthly social retirement allowance;

b) Support for funeral expenses;

c) Receiving health insurance benefits paid for by the state budget.

2. Compulsory social insurance includes the following benefits:

a) Illness;

b) Maternity;

c) Retirement;

d) Death benefits;

d) Occupational accident and disease insurance as prescribed by the Law on Occupational Safety and Health.

3. Voluntary social insurance offers the following benefits:

a) Maternity allowance;

b) Retirement;

c) Death benefits;

d) Workplace accident insurance as prescribed by the Law on Occupational Safety and Health.

4. Unemployment insurance as stipulated by the Employment Law.

5. Supplementary retirement insurance.

Thus, voluntary social insurance includes a retirement plan.

* Which payment methods can voluntary social insurance participants choose?

According to Clause 2, Article 36 of the Social Insurance Law 2024:

Article 36. Contribution rates, methods, and deadlines for voluntary social insurance contributions.

[...]

2. Individuals participating in voluntary social insurance can choose one of the following payment methods:

a) Monthly;

b) Once every three months;

c) Once every six months;

d) Once every 12 months;

d) A one-time payment for several years in advance, with a payment amount lower than the amount stipulated in Clause 1 of this Article;

e) A one-time payment for the remaining period of social insurance contributions required to qualify for a pension, with the amount contributed exceeding the amount stipulated in Clause 1 of this Article.

Therefore, those participating in voluntary social insurance can choose one of the following payment methods:

ButMonthly;

Butonce every three months;

Butonce every six months;

Butonce every 12 months;

ButA lump sum payment covering many years in advance, with a contribution amount lower than the amount stipulated in Clause 1, Article 36 of the 2024 Social Insurance Law;

ButA one-time payment for the remaining period of social insurance contributions required to qualify for a pension, with the amount contributed exceeding the amount stipulated in Clause 1, Article 36 of the 2024 Social Insurance Law.