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| Social insurance payments will account for 24% of labourers’ total monthly minimum salary starting next year, |
Out of the total insurance fund, 3% will go to to pregnancy and illness insurance, 1% to occupational disease and the labour accident fund and 20% towards the retirement and life insurance fund.
People who serve in the military and security sector will have 21% from their premiums paid.
In addition, starting next year, those who buy their own insurance will have to pay 20% of the premiums under the income levels in which they register, instead of the current 18%.
It has been forecast that Vietnamese companies will owe VND6 trillion (USD285.7 million) in social insurance by the end of the year. The information were released at a conference to review the five-year implementation of the Law on Social Insurance, held in Hanoi, on November 29.
Mai Duc Chinh, Vice Chairman of the Vietnam General Confederation of Labour, said that by the end of 2010, more than 19,000 companies in Ho Chi Minh City owed nearly 700,000 labourers VND374 billion (USD17.8 million) in insurance payments. Some enterprises owed more than VND10 billion (USD476,190).
