How will employees at bankrupt enterprises with social insurance debts be resolved?

VCN - There have been a number of bankrupt businesses that did not pay enough social insurance, causing employees' social insurance benefits to not be resolved in a timely manner. To ensure their benefits, the Vietnam Social Security (VSS) has just issued guidance on the implementation of the social insurance regime for employees at bankrupt enterprises owing social insurance contributions.

Solve lump-sum social insurance allowance

To ensure employees’ benefits, according to VSS, for beneficiaries whose period of participation in social insurance, if including the arrears of social insurance premium payment, is still less than 20 years, the lump-sum social insurance benefits shall be settled according to the provisions of Point a, Clause 1, Article 60 of the 2014 Law on Social insurance.

For beneficiaries according to Resolution No. 93/2015/QH13 of the National Assembly, the settlement shall be the same as for the case in Point a of this Clause.

To ensure long-term social insurance benefits for employees, the lump-sum social insurance entitlement shall not be settled for cases of having time to participate in social insurance, if including the period of outstanding payment of social insurance contributions, which is a full 20 years or more (except for one of the following cases: going abroad to settle; suffering from one of the life-threatening diseases and other diseases as prescribed by the Ministry of Health).

When the period of participation in social insurance is fully paid, the social security agency shall record and reserve the entire period of payment of additional social insurance premiums.

In case the employee continues to wish to receive lump-sum social insurance benefits, the agency shall calculate the previously settled time with the additional payment period to re-determine the new benefit rate according to the 2014 Law on Social Insurance on salary adjustment at the time of settlement of adjustment and deduct the recalculated benefit corresponding to the calculated benefit period including the rounded time (if any) for additional payment to the employee.

An employee submitting a dossier to settle the regime at the social insurance agency. Photo: Hai Duong Social Insurance (Photo taken before the pandemic occurred in this province)
An employee submitting a dossier to settle the regime at the social insurance agency. Photo: Hai Duong Social Insurance (Photo taken before the pandemic occurred in this province)

Maternity and survivorship regime

Regarding the maternity regime, in the case of childbirth, child adoption, the employee has paid social insurance premiums to the sickness and maternity fund (excluding the period of outstanding social insurance payment) for six months or more as prescribed, if the basis for determining that the employee has not yet enjoyed the benefits, the social security agency shall settle the maternity allowance according to regulations at the time of the employee's birth-giving or adoption. When the period of participation in social insurance is paid additionally and the benefit level is changed, the benefit level shall be adjusted according to the provisions of the policy to pay the additional payment.

Regarding the retirement regime, the social security agency shall settle pension enjoyment for employees who fully meet the age and period of payment of social insurance premiums (excluding the period of outstanding social insurance payment) according to the provisions of the policy at the time of pension enjoyment.

When the period of participation in social insurance is paid additionally, the time of payment of social insurance premiums shall be added to adjust the retirement regime according to the provisions of the policy at the time of pension enjoyment. Simultaneously, the amount of the difference arising under the provisions of the salary policy from time to time shall be determined to make additional payments to employees from the time of enjoyment.

Regarding the survivorship regime, the social security agency shall settle funeral allowance for relatives when employees have a full 12 months of payment of compulsory social insurance or more as prescribed in Article 66 of the 2014 Law on Social Insurance or have a total period of payment of compulsory and voluntary social insurance premiums for a full 60 months or more.

The social security agency shall settle monthly survivorship allowance for relatives when the employee has had 15 years of compulsory social insurance payment or more, whose relatives are eligible for monthly survivorship allowance but do not choose to receive a lump-sum survivorship allowance.

To ensure long-term social insurance benefits for employees, the social insurance agency clearly stated that the survivorship allowance shall not be settled for employees who have paid compulsory social insurance premiums for 15 years or more (including the time they owe social insurance contributions), have eligible individuals and apply for a monthly survivorship allowance.

By Xuan Thao/ Ha Thanh

Related News

State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

VCN - According to the report sent to the National Assembly before the 8th Session of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Ba Ria-Vung Tau Customs cultivates a stronger relationship with enterprises

Ba Ria-Vung Tau Customs cultivates a stronger relationship with enterprises

VCN - Ba Ria - Vung Tau Customs Department held a conference to review the development of Customs - Business partnership.
Tax sector determines to take enterprises as the center of service

Tax sector determines to take enterprises as the center of service

VCN - That was the affirmation of Deputy General Director of the General Department of Taxation Mai Son at the Tax - Customs forum in 2024 organized by Vietnam Financial Times on the afternoon of October 16, 2024.
Over VND317 billion was raised through post-clearance audits

Over VND317 billion was raised through post-clearance audits

VCN - The post-clearance audit department alone accounts for 61.57% of the total revenue collection of the entire force.

Latest News

Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - Tensions between Israel and Iran escalate, tuna businesses are worried, they may have to stop export orders to the Israeli market in the last months of the year.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.

More News

Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countries, thereby maintaining advantages and developing on "away grounds".
Lao Cai Customs sees a triple-digit surge in export-import turnover

Lao Cai Customs sees a triple-digit surge in export-import turnover

VCN - Updated from the beginning of the year to October 24, total import and export turnover through Lao Cai Customs Department increased by 102%.
Coconut is expected to become a billion-dollar export item

Coconut is expected to become a billion-dollar export item

VCN - Talking to the press at the ceremony to launch the first train carrying fresh coconuts to China, Mr. Luu Van Phi, Director of the Department of Industry and Trade of Tien Giang province, said that Vietnam's agricultural export potential, especially fresh coconuts, is expanding with the appearance of international railway transportation from Song Than station.
Plastic exporters interested in converting to recycling technology

Plastic exporters interested in converting to recycling technology

VCN - The Vietnamese plastics industry is facing major challenges in terms of plastic waste and recycling needs. Secretary General of the Vietnam Plastics Association Huynh Thi My (pictured) shared important information about the transformation in production of plastics enterprises to meet increasing export demands.
Logistics sector must embrace innovative trends to stay competitive

Logistics sector must embrace innovative trends to stay competitive

The Vietnamese logistics industry must adapt to new trends and enhance infrastructure to remain globally competitive, speakers said at an event in Ho Chi Minh City on October 31.
Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports are likely to achieve a record high of 62 billion USD in 2024, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
UKVFTA greatly benefits Vietnam-UK trade: Experts

UKVFTA greatly benefits Vietnam-UK trade: Experts

The UK-Vietnam Free Trade Agreement (UKVFTA), signed into law three years ago, has clearly benefited trade cooperation between the two countries, particularly in the context of Vietnam’s exports to most other major markets declining due to geopolitical tensions and headwinds in the global economy, said experts at a conference in Hanoi on October 30.
Agricultural exports likely to exceed 60 billion USD amid challenges

Agricultural exports likely to exceed 60 billion USD amid challenges

With swift production recovery and continued growth, Vietnam's agricultural sector could potentially surpass the 60 billion USD export target, according to the Ministry of Agriculture and Rural Development (MARD).
Vietnam-Philippines trade likely to exceed 8 billion USD for first time

Vietnam-Philippines trade likely to exceed 8 billion USD for first time

With the current rising trend, trade between Vietnam and the Philippines is likely to exceed 8 billion USD for the first time to hit about 8.5 billion USD in 2024, with Vietnam’s surplus of more than 3 billion USD, according to the Vietnamese Trade Office in the Philippines.
Read More

Your care

Latest Most read
Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - In recent years, Israel has always been Vietnam's leading tuna export market after the US and the EU. Therefore, the recent escalation of Israel-Iran tensions is affecting Vietnam's tuna exports to this market.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.
Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countr
Mobile Version