Vietnam Social Security Fund (VSSF) will not go bust by 2025, Deputy General Director of the Vietnam Social Security Dao Viet Anh has said. Illustrative image (Source: VNA) Anh made the affirmation at the Government’s regular press conference in Hanoi on May 3, in response to a query raised by a Vietnam News Agency’s reporter on whether the proposal on raising retirement age is related to the forecast that the VSSF will run out of money by 2025. He said the forecast was made by the International Labour Organisation before the issuance of the Law on Social Insurance in 2014. However, under the new law, the coverage of social insurance has expanded and the methods to calculate premium and payments have changed, which made the previous forecast no longer correct, he further explained. He stressed that the proposal on higher retirement age must take into account various issues like age, the efficiency of human resources use, labour productivity and gender … [Read more...] about No risk of insolvency for social insurance fund: official
National social security fund
Increasing claims require social security fund rethink
Ha Noi Social Security staff process health insurance claims. — VNA/VNS Photo Duong Ngoc The insurance sector paid VND38.5 trillion ($185.3 million) to 1.1 million pensioners and other beneficiaries last year, Viet Nam Social Security (VSS) deputy director general Do Thi Xuan Phuong told Thoi bao Kinh te (Economic Times). What are Viet Nam Social Security's priorities for national socio-economic development? In recent years, the social security funds have been under good management and the money has been used for the right purposes. As a result, the funds increased year by year in line with government regulations. Yet, in my opinion, there are three major issues requiring more effort. They are the increase in the number of people participating in social, health and unemployment insurances; a need to ensure the balance of the social security fund; improvement of staff performances in the interests of the scheme participants. Do you think participants in the VSS will increase … [Read more...] about Increasing claims require social security fund rethink
Talk-show on social security – For practical benefits of Vietnamese
The talk-show was attended by Minister of Labors, War Invalids and Social Affairs Nguyễn Thị Kim Ngân and many senior officials from the Ministry. Tackling poverty, bringing in the better life Facing the global financial crisis' impacts, the Government has quickly issued 20 policy groups and 50 special policies of social security during the last 2 years to enhance the life of its citizens, the Minister informed. Among them, Resolution 30a/2008/NQ-CP (Project 30) on quick and stable poverty reduction in 62 poorest districts throughout the country placed an important duty on the Government's shoulders to oversee the well development of the whole society. Currently, the country's poverty standard, defined five years ago, is very low with 60% of the total expense for food expense and the remaining 40% for other needs, the minister said. This standard is expected to be adjusted to meet up with international one while bringing in a better living standard for the people. Deputy … [Read more...] about Talk-show on social security – For practical benefits of Vietnamese
Solutions to maintain social insurance fund
Minister of Labour, War Invalids and Social Affairs Pham Thi Hai Chuyen said that aside from raising the retirement age, there have been many solutions proposed to maintain the balance of revenues and expenses of the social insurance fund. The minister spoke with the Saigon Times Daily about the issues on the sidelines of National Assembly (NA) discussion session on June 16. *The revised Law on Social Insurance has drawn much objection from the public with many people saying that this is a step back in worker protection, especially the retirement age issue. What do you comment on this? Objection is a normal reaction. While the drafting board has calculated long-term factors in the draft law, many NA deputies do not consider the issues that way. But on June 18, after listening to suggestions from NA deputies, the drafting board will look into regulations carefully to match expectations of deputies. In the draft, employees working under tough conditions are not subject to the retirement … [Read more...] about Solutions to maintain social insurance fund
Investment into Northwest: Banks Focus on Sustainable Social Security
Investment into Northwest: Banks Focus on Sustainable Social Security This is the confirmation by Mr Dao Minh Tu, Deputy Governor of the State Bank of Vietnam (SBV), in an exclusive interview granted to Vietnam Business Forum on effective investment attraction measures for the Northwest - a promising but untapped land. Nguyet Tham reports. What would you say about effectiveness of credit capital performance in the Northwest in the past time? The Northwest is still an extremely difficult area of the country, with 43 out of 62 poorest districts in the country. The poverty rate was up to 25.6 percent in 2013. In response to the Party and State policies, the banking sector has boosted credit to meet capital needs for socio-economic development and social security in the region while promoting its potential and advantages like forestry, mining and hydropower. Outstanding credit in the Northwest has kept going up quite high in the past years. As of the end of 2014, total outstanding … [Read more...] about Investment into Northwest: Banks Focus on Sustainable Social Security