Collecting interest on late payments of social insurance and health insurance contributions.

The Prime Minister has just issued a Decision on the financial management mechanism for social insurance (BHXH), health insurance (BHYT), unemployment insurance (BHTN), and the management costs of these three types of insurance.

Accordingly, the Social Insurance agency is tasked with collecting social insurance, health insurance, and unemployment insurance contributions from eligible individuals and transferring them to Vietnam Social Insurance for management according to Vietnam Social Insurance's guidelines.

Regarding the health insurance premiums collected from individuals under the management of the Ministry of National Defense and the Ministry of Public Security, these two units are responsible for managing and using the funds for medical examinations and treatment for health insurance participants in accordance with the law.

This regulation also stipulates that, for cases of late payment of health insurance contributions of 30 days or more, the interest to be collected will be twice the interbank market interest rate for a 9-month term as announced by the State Bank of Vietnam.

Upon receiving contributions from employers, the Social Insurance agency directly manages the collection of social insurance, health insurance, and unemployment insurance contributions, including late payment interest, for employees who are eligible for social insurance benefits or whose employment contracts have been terminated, in order to promptly process social insurance and unemployment insurance benefits for employees in accordance with the law (if any).

The remaining amount will be accounted for in the following order: Collect the full amount of health insurance contributions and interest on late health insurance payments (if any); collect the full amount of unemployment insurance contributions and interest on late unemployment insurance payments (if any); collect social insurance contributions and interest on late social insurance payments (if any).

In cases of evasion, delayed payment, or misappropriation of social insurance and unemployment insurance contributions for 30 days or more, the interest payable shall be twice the average investment interest rate of the social insurance and unemployment insurance funds of the immediately preceding year, calculated on the amount and duration of the delayed payment.

To implement this regulation, within the first 15 days of January each year, Vietnam Social Security must issue a document notifying the average monthly interest rate based on the average interest rate sent to the subordinate Social Security agencies, the Social Security of the Ministry of National Defense, and the Social Security of the Ministry of Public Security for unified implementation.

According to dantri.com.vn