Contribution level to unemployment insurance fund to reduce

The Ministry of Labor, Invalids and Social Affairs is collecting opinions about a draft NA resolution to reduce employers’ contribution level to unemployment insurance fund from 1 percent to 0.5 percent.

Workers filling in social insurance applications at HCMC Social Insurance Agency (Photo: SGGP)
Workers filling in social insurance applications at HCMC Social Insurance Agency (Photo: SGGP)
If being approved, the changed level is expected to last until December 12, 2019.
 
According to the Vietnam Social Insurance Agency, unemployment insurance spending topped VND5.7 trillion (US$250.3 million) and the remainder of the fund was VND56 trillion ($2.46 billion) last year. The fund is forecast to still ensure safety by 2020.
 
Therefore, it is necessary to cut the contribution level to facilitate businesses’ development and competitiveness improvement.

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