From July 1, 2018: Changes in social insurance contribution rates affect millions of people
According to the Vietnam Social Security (VSS), from July 1, 2018, the basic salary will increase by VND90,000/month, from the current VND1.3 million/month to VND1.39 million/month. Therefore, the social insurance and health insurance (HI) contributions will also change accordingly.
Specifically, the health insurance premium for part-time workers at the commune level is 62,550 VND/month. Calculated according to the formula: 1,390,000 VND x 4.5% = 62,550 VND/month.
The social insurance contribution for part-time workers at the commune level is 111,200 VND/month. Calculated according to the formula: 1,390,000 x 8% = 111,200 VND/month.
|
| Social insurance and health insurance contributions will increase according to the basic salary from July 1. |
The amount of social insurance contribution for other subjects receiving salaries as prescribed by the State = (salary + allowances calculated according to the basic salary of 1,390,000 VND/month) x 8%.
The amount of health insurance premium for other subjects receiving salaries as prescribed by the State = (salary + allowances calculated according to the basic salary of 1,390,000 VND/month) x 4.5%.
Maximum amount of social insurance contribution for employees and beneficiariessalaryState-regulated = 1,390,000 x 20 x 8% = 2,224,000 VND/month.
New contribution rates apply from July 1, 2018.
