Interest rate for late payment of social insurance, health insurance, unemployment insurance from January 1, 2017

(Baonghean) - Implementing Notice No. 425/TB-BHXH dated February 14, 2017 of Vietnam Social Security on the average investment interest rate of the Social Security Fund in 2016, the 9-month interbank market interest rate announced by the State Bank of Vietnam on the Electronic Information Portal on December 30, 2016, Nghe An Provincial Social Security has just issued Official Dispatch No. 254/BHXH-QLT to Heads of labor-using units to notify the interest rate for late payment of Social Insurance, Health Insurance, and Unemployment Insurance.

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Transaction at the Provincial Social Insurance One-Stop Center. Photo: Thanh Thuy

Accordingly, from January 1, 2017, the collection of late payment interest on social insurance, health insurance and unemployment insurance will be implemented according to the provisions of Clause 3, Article 6 of Decision No. 60/2015/QD-TTg dated November 27, 2015 of the Prime Minister, specifically as follows:

1. Interest rate for cases where employers are late in paying health insurance:

The interest rate for cases where employers are late in paying health insurance is implemented according to the provisions in Point a, Clause 3, Article 6 of Decision No. 60/2015/QD-TTg: "In case of late payment of health insurance for 30 days or more, the amount of interest to be collected is equal to 02 times the interbank market interest rate for a 9-month term announced by the State Bank of Vietnam on the Electronic Information Portal of the State Bank of Vietnam in the previous year, calculated on the amount and time of late payment. In case the interbank interest rate for the previous year does not have a 9-month term, the interest rate of the term immediately before 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 30, 2016 is 5.8%/year; equivalent to 0.4833%/month.

- The late health insurance payment interest rate applied from January 1, 2017 is 0.967%/month.

Payment of pensions and social insurance benefits in Linh Son commune (Anh Son). Photo archive.

2. Interest rates for cases where employers have not paid or are late in paying social insurance and unemployment insurance:

The interest rate for cases where employers have not paid or are late in paying social insurance and unemployment insurance is implemented according to the provisions in Point b, Clause 3, Article 6 of Decision No. 60/2015/QD-TTg: "In cases of evasion, late payment, or appropriation of social insurance and unemployment insurance payment and benefits for 30 days or more, the amount of interest to be collected is equal to 02 times the average investment interest rate of the social insurance and unemployment insurance fund of the previous year".

- Investment interest rate in 2016 is 7.9%/year; equivalent to 0.6583%/month.

- The interest rate for unpaid or late payment of social insurance and unemployment insurance applied from January 1, 2017 is 1.317%/month.

Nghe An Social Insurance