Businesses owe nearly 900 million USD in social insurance premiums because of COVID-19

Hanoi (VNA) - As of July, businesses nationwide owed social insurance premiums totalling over 20.6 trillion VND (887.6 million USD) due to the coronavirus crisis, according to Vietnam Social Insurance (VSI).

To remove the difficulties facing affected enterprises, VSI has directed the suspension of contributions to the retirement and survivorship funds of social insurance programmes in cities and provinces.

As a result, as at June, nearly 1,520 businesses had been approved to suspend such contributions.

VSI also issued a document in August guiding social insurance agencies in localities on the suspension of contributions to December.

According to Deputy Director of VSI Tran Dinh Lieu, more than 15.2 million people joined social insurance in the January-July period. Over 12.7 million people had unemployment insurance, and more than 85.9 million health insurance, or 88.8 percent of the population.

The number of people taking part in compulsory social insurance, health insurance, and unemployment insurance fell compared to last year due to the impact of COVID-19, he said. But voluntary participation continued to increase./.