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Temporarily closing the retirement and survivor fund payment

The Social Insurance (VSI) of Vietnam has just issued a document guiding the suspension of contribution to the retirement and survivorship fund (with the rate of 22% of the salary for payment of social insurance premium) for enterprises and employees affected by Covid-19 pandemic. When the epidemic is over, businesses or individuals can pay.


The suspension of enterprises into retirement and survivorship funds is one of six measures proposed by the Ministry of Labor, War Invalids and Social Affairs to share difficulties with businesses during the Covid epidemic under the direction of the Prime Minister.

Which objects are allowed to suspend to contribute?

Specifically, on March 4th, the Prime Minister issued Directive No. 11 / CT-TTg on urgent tasks and solutions to remove difficulties for production and business, ensuring social security in response to Covid-19 epidemic and assign Vietnam Social Insurance to guide the suspension of payment of social insurance premiums for those affected by the epidemic without calculating the interest on late payment interest and penalties.

According to the guidance of Vietnam Social Insurance, enterprises in the fields of passenger transport, tourism, textile, accommodation, restaurants and other special industries that are in difficulty because of the Covid-19 epidemic are suspended to pay contribution to the retirement and survivorship fund.

Enterprises may suspend the payment to the retirement and survivorship fund when having one of the following conditions: Unable to arrange jobs for employees, of which the quantity of employees participated in social insurance that must temporarily take leave from 50% of the employees are present before suspending production or business or more; losses of more than 50% of the total value of assets caused by epidemics (excluding land value of properties).

The period of time for enterprise to temporarily suspend from contribution of the retirement and survivorship fund is from March 2020 to the end of June 2020. In the case that by the end of June 2020, the Covid-19 epidemic has not been relieved, if the enterprise submits request, the provincial social insurance body shall promptly coordinate with the Department of Labor, War Invalids and Social Affairs and the Department of Finance to report to the People's Committee of the province or city. Vietnam Social Insurance considers and resolves the suspension of payment to pension and survivor fund until December 2020.

During the suspension period, the enterprise still has to contribute to the sickness and maternity fund, the labor accident and occupational disease fund, the health insurance fund (HI) and the unemployment insurance fund at a rate of 10% of the wage fund.

Sharing difficulties with businesses

Dong Nai is the locality which has implemented quite early the guidance of Vietnam Social Insurance. Immediately after receiving this guidance, the provincial People's Committee instructed the Department of Labor, War Invalids and Social Affairs, the provincial social insurance agency and the Department of Finance to coordinate in appraising enterprises temporarily suspended for retirement and survivor fund until the end of December 2020.

Deputy Director of the provincial social insurance Pham Long Son said that the province has received 38 proposals of social insurance suspension of enterprises in the province. The provincial social insurance body has disseminated regulations and instructed enterprises to provide information proving that they are affected by Covid-19 epidemic under the conditions specified in Directive 11 / CT-TTg; Simultaneously, informing the enterprises, during the time when the enterprise suspends to contribute to pension and survivor fund, the province will not conduct specialized inspection or inspect the compliance with the law on social insurance and health insurance for Enterprises affected by Covid-19 epidemic (if enterprises do not show signs of violation).

“In order to ensure the social security fund, the provincial social insurance body has also proposed that enterprises, when ending the period of temporary payment postponement (December 2020), must pay fully social insurance and health insurance premiums to employees, including the payment of pension and survivorship insurance contributions during the period of previous payment suspension. Compensation payments are not subject to interest on late payment”- Mr. Son said.

In order to support businesses affected by the Covid epidemic to quickly overcome difficulties, Deputy Director of Department of Labor, War Invalids and Social Affairs Pham Van Cong said that the Department is organizing the dissemination of these guidelines to businesses; meanwhile, coordinate with the Department of Finance to verify and appraise enterprises eligible for temporary suspension of social insurance payment. According to the regulation, within 15 days of receiving the request of the business owner, the Department of Labor, War Invalids and Social Affairs will coordinate with the Department of Finance to conduct the appraisal and within 10 days after receiving the request of the enterprise. enterprises and social insurance authorities of the province will be responsible for resolving enterprises' suspension of social insurance payment.

Ha Di

 


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