Support for those paying voluntary social insurance contributions.

Individuals participating in voluntary social insurance receive government support in the form of a percentage of their monthly social insurance contributions, based on the standard poverty level for rural areas. Poor households receive up to 30% of this support.

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DecreeThe Government's recently issued regulations detailing certain provisions of the Law on Social Insurance regarding voluntary social insurance stipulate that the monthly voluntary social insurance contribution rate is 22% of the monthly income chosen by the voluntary social insurance participant. The minimum monthly income chosen by the voluntary social insurance participant is equal to the poverty line for rural areas as stipulated by the Prime Minister, and the maximum is 20 times the basic salary at the time of contribution.

The payment amount for 3, 6, or 12 months at a time is determined by multiplying the prescribed monthly payment by 3 for the 3-month payment method; by 6 for the 6-month payment method; and by 12 for the 12-month payment method.

The lump-sum payment for several years in advance, but not exceeding 5 years at a time, is calculated as the total amount of contributions from the preceding months, discounted according to the average monthly investment interest rate of the Social Insurance Fund announced by Vietnam Social Insurance in the year immediately preceding the year of contribution.

In cases where individuals participating in voluntary social insurance have paid their contributions every 3 months, 6 months, or 12 months, or paid a lump sum for several years in advance as stipulated above, and during that period the Prime Minister adjusts the poverty line for rural areas, the difference in the amount already paid does not need to be adjusted.

Receiving and processing applications for social insurance participants. (Photo: Duong Ngoc/VNA)

The support period shall not exceed 10 years.

The decree clearly stipulates that those participating in voluntary social insurance will receive financial support from the State in the form of a percentage (%) of their monthly social insurance contributions, based on the standard poverty level for rural areas.

Specifically, the State provides a subsidy of 30% for those participating in voluntary social insurance who belong to poor households; 25% for those participating in voluntary social insurance who belong to near-poor households; and 10% for other eligible individuals.

The support period depends on each person's actual voluntary social insurance participation time, but not exceeding 10 years (120 months).

Regarding the support method, those participating in voluntary social insurance who are eligible for support will pay their share of the social insurance contributions to the social insurance agency or a voluntary social insurance collection agent designated by the social insurance agency.

Every 3, 6, or 12 months, the Social Insurance agency compiles the number of beneficiaries, the amount collected from beneficiaries, and the amount of state budget support according to a form issued by Vietnam Social Insurance after obtaining the consensus of the Ministry of Finance, and sends it to the financial agency to transfer funds to the Social Insurance fund.

Based on regulations on budget management decentralization of the locality and the summary table of voluntary social insurance participants, and the state budget support funds transferred by the social insurance agency, the financial agency is responsible for transferring funds to the social insurance fund once every quarter; the transfer of support funds to the social insurance fund for that year must be completed no later than December 31st of each year.

According to Chinhphu.vn