Vietnam Social Insurance has just announced Official Document 2533B-BHXH-BT This document is sent to the Social Insurance agencies of provinces and centrally-administered cities regarding the continued implementation of the temporary suspension of contributions to the retirement and death benefit fund.
Accordingly, employers facing difficulties due to the Covid-19 pandemic will continue to be allowed to temporarily suspend contributions to the pension and death benefit fund until the end of December 2020, if they fall into one of the following categories:
- Having temporarily suspended contributions to the pension and death benefit fund, people are still facing difficulties.
- If all conditions for temporary suspension of contributions (first time) as stipulated in Official Letter 1511/LĐTBXH-BHXH dated May 4, 2020 are met, then proceed according to current regulations and previous guidelines on temporary suspension of contributions issued by Vietnam Social Security.
The period for suspending contributions to the pension and death benefit fund in the two cases above will last until the end of December 2020 at the latest.
The authority, documentation procedures, and implementation process are governed by the regulations and guidelines in Official Letter 1511/LĐTBXH-BHXH.
Currently, according to Article 83 of the 2014 Social Insurance Law, the component funds of the social insurance fund include:
- Sickness and Maternity Fund.
- Occupational accident and disease fund.
- Pension and death benefit fund.
Of that amount, pension and death benefit funds account for more than 70%.
