legal Update N2, November 2017
Four major policy changes Compulsory social insurance from 01/01/2018
The Social Insurance Act 2014 takes effect from 01/01/2016, In that there are many important terms until 01/01/2018 officially comes into effect.
Firstly, supplement 02 subjects must participate compulsory social insurance
Persons working under labor contracts have a term of from one month to less than three months.
Employees who are foreign nationals working in Vietnam have a work permit or practice certificate or practice license issued by a competent Vietnamese agency to participate in compulsory social insurance according to the Government’s regulations(Pursuant to Clause 1, Article 124 of the Law on Social Insurance, 2014)
Secondly, supplement multiple items Compulsory income for compulsory social insurance
Monthly salary of compulsory social insurance= Wage+ Salary allowance+ Additional Amounts
Thirdly, Imposing up to 07 years in prison with the obligor but not paying social insurance for the employee
Fourthly, increasing the number of years to pay social insurance to enjoy the maximum pension
Female workers: From 30 years of paying social insurance, From full 31 years of social insurance(if you retire in 2018), From full 32 years of paying social insurance (if you retire in 2019)
Male laborer: From full 33 years of paying social insurance(if you retire by 2020), From the full 34 years of paying social insurance (if you retire in 2021), From the full 35 years of paying social insurance (if you retire from 2022 onwards)
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INCO MINH ANH CO., LTD
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