What is the interest rate for late payment of health insurance, social insurance, and unemployment insurance?

Pursuant to the Law on Social Insurance (SI) No. 58/2014/QH13 dated November 20, 2014, the Law on Amending and Supplementing a Number of Articles of the Law on Health Insurance (SI) No. 46/2014/QH13; Decision No. 60/2015/QD-TTg dated November 27, 2015 of the Prime Minister Stipulating the Financial Management Mechanism forSocial insurance, health insurance, unemployment insurance(BHTN) and management costs of social insurance, health insurance, unemployment insurance; Notice No. 123/TB-BHTN dated January 14, 2021 of Vietnam Social Security on average investment interest rates and interbank market interest rates.

To conveniently track interest payable in case of late payment of social insurance, health insurance, and unemployment insurance;Nghe An Provincial Social Insurancerespectfully announce:

1. At Point a, Clause 3, Article 6 of Decision No. 60/2015/QD-TTg stipulates:

“In case of late payment of health insurance for 30 days or more, the amount of interest to be collected is equal to 2 times the 9-month interbank market interest rate announced by the State Bank of Vietnam on the State Bank of Vietnam's Electronic Information Portal of the previous year, calculated on the amount and time of late payment. In case the interbank interest rate of the previous year does not have a 9-month term, the interest rate of the term immediately preceding the 9-month term shall apply”.

The 9-month interbank market interest rate announced by the State Bank of Vietnam on the State Bank of Vietnam's Electronic Information Portal on December 31, 2020 is 3.08%/year; equivalent to 0.2567%/month.

From January 1, 2021, the interest rate applied to interest collection in case of late payment of health insurance is 0.5134%/month.

Interest rates for late payment and arrears of social insurance, health insurance, and unemployment insurance from January 1, 2021 in Nghe An. (Illustration photo)

2. At Point b, Clause 3, Article 6, Decision No. 60/2015/QD-TTg stipulates:

“In case of evasion, late payment, or appropriation of social insurance and unemployment insurance contributions and benefits for 30 days or more, the interest amount to be collected is equal to twice the average investment interest rate of the social insurance and unemployment insurance funds of the previous year.”

In Notice No. 123/TB-BHXH of Vietnam Social Security, the average investment interest rate in 2020 is announced to be 5.02%/year; equivalent to 0.4183%/month.

From January 1, 2021, the interest rate applied to collecting interest in cases of evasion, late payment, and appropriation of social insurance and unemployment insurance contributions and benefits is 0.8366%/month.

Nghe An Provincial Social Insurance respectfully informs and requests heads of units to pay attention to and properly implement policies and laws on social insurance, health insurance, unemployment insurance, and occupational accident and disease insurance for employees.

In the process of implementation, if there are any problems, we respectfully request that units promptly report to Nghe An Provincial Social Insurance or the Social Insurance agency directly managing and monitoring Social Insurance and Health Insurance for the unit for coordination and handling./.