From January 1, 2016, it is possible to receive a lump-sum social insurance payment.

With a majority vote, on the afternoon of June 22, the National Assembly passed a resolution on the implementation of the policy of receiving a lump-sum social insurance payment for workers, effective from January 1, 2016.

Pouyuen company workers attend a dialogue with the Deputy Minister of Labor on social insurance policy - Photo: VnExpress.

According to the resolution, workers are allowed to retain their social insurance contribution period to qualify for a pension, ensuring their livelihood after reaching retirement age as stipulated in the Social Insurance Law (2014).

In the case of employees who participate in compulsory social insurance and then quit their jobs after one year, or those who participate in voluntary social insurance and then stop paying social insurance contributions after one year, and who have not yet accumulated 20 years of social insurance contributions, they are entitled to receive a lump-sum social insurance payment upon request.

The lump-sum social insurance benefit for those participating in compulsory social insurance is calculated based on the number of years of social insurance contributions. For each year, the calculation is as follows: 1.5 months of the average monthly salary used for social insurance contributions for years prior to 2014, and 2 months of the average monthly salary used for social insurance contributions for years from 2014 onwards.

The lump-sum social insurance benefit for voluntary social insurance participants is calculated based on the number of years of social insurance contributions. For each year of contribution, 1.5 months of the average monthly income used for social insurance contributions for years prior to 2014 is added, and two months of the average monthly income used for social insurance contributions for years from 2014 onwards is added.

The National Assembly also tasked the Government with organizing the dissemination and promotion of the Social Insurance Law, aiming for long-term social security for workers, and implementing a voluntary social insurance policy with state support.

The National Assembly's demands to the Government also include ensuring that workers can retain their social insurance contribution period or receive a lump-sum social insurance payment; ensuring transparency and openness in information regarding social insurance contributions and benefits for both employees and employers; and strengthening inspection, supervision, and strict handling of violations of social insurance laws.

According to VnEconomy