FROM 2018, SUPPORT AT LEAST 10% FOR VOLUNTARY SOCIAL INSURANCE PARTICIPANTS
From January 01, 2018, voluntary social insurance participants are entitled to the State’s support of premiums in percentage (%) of monthly social insurance premiums based on the poverty line in rural areas as follows: 30%, for voluntary social insurance participants being members of poor households; 25%, for voluntary social insurance participants being members of households living just above the poverty line; 10%, for other persons. The support duration must depend on the actual period of voluntary social insurance participation of each person but must not exceed 10 years.
That is one of significant contents regulated under the Government’s Decree No. 134/2015/ND-CP detailing a number of articles of the Law on Social Insurance regarding voluntary social insurance and this Decree takes effect from February 15, 2016.
Besides, it is regulated that voluntary social insurance participants may make payment to the retirement and survivorship fund for every month; every 3 months; for every 6 months; for every 12 months; One-off payment for many subsequent years with each payment for not more than 5 years or one-off payment for the insufficient number of years, for social insurance participants who satisfy the condition on retirement age for pension enjoyment and whose insufficient period of social insurance premium payment is 10 years at most. The monthly premium payment level must equal 22% of the monthly income selected by voluntary social insurance participants. The monthly income selected by voluntary social insurance participants must at least equal the poverty line in rural areas as prescribed by the Prime Minister and must not exceed 20 times the basic salary level at the time of payment.
Moreover, voluntary social insurance participants may change the premium payment method or monthly income on which voluntary social insurance premiums are based only after having completed the premium payment method they previously selected.
