The Government agreed to reduce the social insurance payment period from 20 years to 15 years.

On July 28, the Government issued Resolution No. 114 of the July 2023 meeting on the draft revised Law on Social Insurance (SI). In this Resolution, the Government agreed on the necessity, objectives, and viewpoints of revising the SI Law, and assessed that the draft revised Law on Social Insurance has many complicated contents, deeply affecting the social security system and workers.

The content of the draft Law has basically institutionalized the viewpoints and policies of the Party and State on reforming and perfecting social insurance policies in new conditions, overcoming many shortcomings and difficulties in the practical implementation of the Law.

The Ministry of Labor, Invalids and Social Affairs has presided over and coordinated with relevant agencies to fully absorb the opinions of Government members and complete the content of the draft Law in the following direction:

Institutionalize and concretize the Party's policies and guidelines on social insurance; continue to summarize relevant legal regulations and remove difficulties from practice, fully assess the theoretical basis and grounds to determine issues that need to be inherited, issues that need to be supplemented, improved or issues that need to be abolished.

The Government basically agreed to reduce the minimum social insurance payment period to receive pension from 20 years to 15 years.

Organize to collect opinions from affected subjects, consult experts, scientists , refer to international experience; implement decentralization and delegation of authority associated with inspection and supervision activities; diversify resources to mobilize organizations to implement the law...

Resolution No. 114 clearly states that the issue of withdrawing social insurance at one time is quite complicated and has a great impact on economic and social life, so it is possible to propose two options for the National Assembly's opinion. In which, it is necessary to express the viewpoint and basis for choosing a specific option and study the regulations on practical measures to support and encourage employees to voluntarily reserve their social insurance participation time to receive pension instead of receiving it at one time.

Regarding social insurance management costs, it is necessary to synthesize two options to seek the National Assembly's opinion, clearly stating the selected option, determining the total specific social insurance management costs of each option based on a full assessment of theoretical basis, domestic practice and international practices.

Agree on the need for support from the state budget to supplement policies, increase benefits, increase attractiveness, and attract people to participate in social insurance to ensure long-term social security for the people...

The Government basically agrees on issues such as reducing the minimum social insurance payment period to receive pension from 20 years to 15 years; reducing the age to receive social pension benefits from 80 years old to 75 years old; expanding the group of subjects participating in compulsory social insurance...

The Government assigned the Minister of Labor, Invalids and Social Affairs, authorized by the Prime Minister, to sign on behalf of the Government the Draft Law on Social Insurance (amended) to the National Assembly.

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