Regulations on social insurance

  • 17/05/2022 15:09

1. What is social insurance?

🔰 Pursuant the Law on Social Insurance 2014 stipulates that the concept of social insurance (social insurance) is a guarantee to replace or compensate a part of an employee's income when they have a reduction or loss of income due to illness, pregnancy, occupational accident, occupational disease, end of working age or death, on the basis of contributions to the social insurance fund.

🔰 Components of social insurance regimes:

✔ The objects entitled to social insurance;

✔ Conditions for enjoying social insurance;

✔ Level and duration of social insurance allowance.

2. Social insurance regimes:

➥ Sickness insurance scheme;

➥ Maternity insurance regime;

➥ Insurance for occupational accidents and occupational diseases;

➥ Retirement regime;

➥ Death regime.

3. Types of social insurance:

⏩ Compulsory social insurance is a type of social insurance organized by the State that employees and employers must participate in.

⏩ Voluntary social insurance is a type of social insurance organized by the State in which participants can choose a payment level and payment method suitable to their income and the State has a policy to support social insurance premiums for participants to enjoy retirement and survivorship regimes.

4. Functions of social insurance:

⚡ In fact, many workers are confused and do not want to participate in social insurance because they think that the social insurance premium is quite high. However, employees do not fully understand the benefits that social insurance brings employees. So what do you actually do when you pay social insurance?

⚡ Social insurance will help to replace and compensate for the financial shortfall for employees and their families when facing life risks such as accidents, illness, etc.

⚡ In addition to the above function, social insurance will redistribute income to employees. This function is reflected in the employee sharing income over time. That is, employees will pay social insurance to enjoy benefits when there are risks or other problems such as maternity, unemployment, or pension later.

5. Social insurance premium rate:

🔗 For Vietnamese citizens

🔗 For foreign citizens


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