Continue to suspend payment to the retirement and survivorship fund until the end of 2020

Vietnam Social Security just got it Official Letter 2533B-BHXH-BT send the Social Insurance of the provinces and centrally-run cities on the suspension of payment to the retirement and death fund.

Accordingly, employers facing difficulties caused by the Covid-19 pandemic may continue to temporarily stop paying to the retirement and survivorship fund if falling into one of the following cases:

  • Temporarily stopped paying to the pension fund and survivors are still facing difficulties;
  • Ensuring the conditions for suspension of payment (the first time) in Official Letter 1511 / LĐTBXH-BHXH dated May 04, 5, comply with current regulations and documents guiding the suspension of previous payment of Vietnam Social Insurance. .

The period of suspension from payment to the retirement and survivorship allowance fund in the above two cases is maximum until December 12.

Competence, dossier procedures and order comply with the provisions and guidance in Official Letter 1511 / LĐTBXH-BHXH.

Currently, according to Article 83 of the Law on Social Insurance 2014, the component funds of the social insurance fund include:

  • Sickness and maternity fund.
  • Labor accident and occupational disease fund.
  • Pension and survivorship fund.

In which, the retirement and death fund account for more than 70%.

Author: Specialized Committee
Expertis has 17 years of providing professional services in the field of auditing, accounting, tax, salary, investment for more than 5.000 Vietnamese enterprises and FDI enterprises in Vietnam. Expertis is a researcher in management sciences, applying information technology to management, helping businesses manage more effectively, smoothly and scientifically.
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