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

Proactive in dealing with exchange rate pressure

Proactive in dealing with exchange rate pressure

VCN - Recently, the State of Bank (SBV) withdrew VND 30,000 billion through the T-bills channel, contributing to reducing exchange rate pressure. This is just one of the moves of the monetary policy management agency to stabilize the foreign exchange market, contributing to supporting the macro economy as well as import-export business activities of enterprises.
Meets standards to attract FDI into supporting industries

Meets standards to attract FDI into supporting industries

VCN - When choosing Vietnam as an attractive investment destination in the supporting industry, foreign investors not only expect a vibrant market but also desire a favorable investment environment and smooth administrative procedures.
Bright spots at the beginning of the year

Bright spots at the beginning of the year

VCN - Production and business activities of enterprises have been vibrant since the first days of the year, thanks to which, many economic indicators in the first 2 months of 2024 are positive and positive. This is the fulcrum of trust and motivation for businesses to continue to develop.
Numerous growth drivers, opening opportunities for enterprises

Numerous growth drivers, opening opportunities for enterprises

VCN - That is the appraisal given by experts at the seminar "HUBA Entrepreneurs' Coffee" under the theme: "Vietnam and HCMC's Economy in 2024 - Issues of interest to entrepreneurs," which took place on March 9, organized by the Ho Chi Minh City Business Association (HUBA).

Latest News

Import turnover of 19 commodity groups grows over 20%

Import turnover of 19 commodity groups grows over 20%

VCN – Most of major import commodity groups have high growth turnover compared to the same period in 2023.
Vietnam owns significant advantages in attracting FDI

Vietnam owns significant advantages in attracting FDI

VCN - In an interview with Customs News, Dr. Vo Tri Thanh, Director of the Institute of Branding and Competition Strategy, believed that the global minimum tax could affect global foreign direct investment (FDI) flows and the FDI attraction policies of each country. However, "in crisis lies opportunity", Vietnam still has significant advantages in attracting FDI.
Nearly 7,000 tariff lines of AKFTA product specific rules need to be transposed

Nearly 7,000 tariff lines of AKFTA product specific rules need to be transposed

VCN - ASEAN member states and the Republic of Korea (RoK) reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Vietnam needs to cook up stronger global rice brand

Vietnam needs to cook up stronger global rice brand

Although Vietnamese rice has a foothold in several fastidious markets, there is a long way to go to make it a stronger brand globally, according to insiders.

More News

Vietnam advised to fully tap CPTPP to boost exports to Canada

Vietnam advised to fully tap CPTPP to boost exports to Canada

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has opened up numerous opportunities for Vietnam and Canada to boost two-way trade, however, tax initiatives under the trade pact have not been tapped to the fullest extent by the Vietnamese exporters, said Vietnamese Trade Counsellor in Canada Tran Thu Quynh.
ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

VCN - In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year. Ms. Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP) shared with Customs Magazine.
Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Singapore is the largest foreign investor in VN in Q1

Singapore is the largest foreign investor in VN in Q1

The disbursed FDI rose by 7.1 per cent in the first quarter to reach $4.63 billion, a signal that the disbursement will continue the positive trend, the agency said.
Thai Binh boosts investment, trade cooperation with Germany

Thai Binh boosts investment, trade cooperation with Germany

A delegation from the northern province of Thai Binh, led by Deputy Secretary of the provincial Party Committee Nguyen Khac Than, visited several localities and business organisations in Germany from March 25 to 27, in a bid to enhance trade cooperation with and attract direct investment from the European nation.
Lifting obstacles to develop industrial parks

Lifting obstacles to develop industrial parks

VCN - Attracting investment and developing industrial zones (IZs) and economic zones (EZs) is one of the important contents to implement the policy of developing a multi-component, open, attract investment and resources from all economic sectors to develop the country. In addition to the results achieved, there still limitations that need to be removed to draw investments to develop industrial parks and economic zones, including financial problems for industrial parks.
Read More

Your care

Latest Most read
Import turnover of 19 commodity groups grows over 20%

Import turnover of 19 commodity groups grows over 20%

VCN - According to the General Department of Vietnam Customs, in the first two months of 2024, the total import turnover of the country increased by 17.1% year-on-year to US$ 54.21 billion. The result is only lower than the record increase of the same per
Vietnam owns significant advantages in attracting FDI

Vietnam owns significant advantages in attracting FDI

VCN - Vietnam's economy has passed the most dangerous and difficult period and is now more stable. Inflation, exchange rates, and interest rates have decreased, bank liquidity has stabilized, and the stock and bond markets have experienced shocks and begu
Nearly 7,000 tariff lines of AKFTA product specific rules need to be transposed

Nearly 7,000 tariff lines of AKFTA product specific rules need to be transposed

ASEAN member states and the Republic of Korea (RoK) reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules
Vietnam needs to cook up stronger global rice brand

Vietnam needs to cook up stronger global rice brand

Although Vietnamese rice has a foothold in several fastidious markets, there is a long way to go to make it a stronger brand globally, according to insiders.
Vietnam advised to fully tap CPTPP to boost exports to Canada

Vietnam advised to fully tap CPTPP to boost exports to Canada

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has opened up numerous opportunities for Vietnam and Canada to boost two-way trade, however, tax initiatives under the trade pact have not been tapped to the fullest extent by the Vietnamese exporters, said Vietnamese Trade Counsellor in Canada Tran Thu Quynh.
Mobile Version