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Deputy Director Nguyen Duy Cuong of the Department of Social Insurance (under the Ministry of Labor, Invalids and Social Affairs – MOLISA) informed that there is a rise in the number of laborers wishing to withdraw social insurance in one time and quit the social security system. The figure increased from the annual average of 700,000 cases to 900,000 in 2022.
The amendment of the Social Insurance Law 2014 is to give more rights to laborers in order to attract them to join the system.
Deputy General Director of Vietnam Social Security Le Hung Son added that the proposed additions in the draft Social Insurance Law (amended) will offer workers with more options. For instance, alternative No.2 allows laborers to enjoy one-time insurance withdrawals (but only 50 percent of the total paid period) to satisfy personal demands. The rest will be kept there waiting for them to continue the program when they find a new job. All will be delivered when they retire.
Deputy General Director Son stressed that this new policy has considered both the immediate (answering urgent needs) and long-term (pension, social benefits in retirement) benefits of laborers. Therefore, it is suggested that participants in the social security system should not withdraw everything at one time.
The new content is expected to stop the wave of one-time insurance withdrawal among jobless people.
