Minister of Labour, Invalids and Social Affairs, Dao Ngoc Dung speaks at a meeting of the National Assembly’s Committee on Social Affairs on April 23 in Hanoi (Source: vnexpress.net ) Hanoi (VNA) - TheMinistry of Labour, Invalids and Social Affairs has come up with two scenariosfor increasing retirement age to 60 for women and 62 for men; or 60 for womenand 65 for men.
Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung said either ofthese options, if approved, will be implemented with a planned timeline so thatit would not be an immediate change for labourers.
Speaking at a meeting of the National Assembly’s Committee on Social Affairs onApril 23 in Hanoi on the Government’s report on Social Security policiesimplementation and social security fund management, Dung said the amendment ofthe social security policies were made in compliance with internationalpractices.
He said the project would consist of three layers. In the first layer, theGovernment will pay social security fees for those who are beneficiaries ofState supporting policies and these people will enjoy a pension from thesepayments. The second layer includes those who have to buy compulsory socialsecurity, and the third layer includes those who pay for voluntary socialsecurity.
The project also suggested that labourers receive pensions relative to theamount of social security premiums that they have paid, even if the paymenttime period is less than 20 years, as is currently required by regulations.
“We want to make the project universal, so that everyone can have insuranceafter they retire. Social security is one of the two pillars that make up thesecurity of the country," Dung said, "it’s necessary to adjust theperiod of time of payment as some people can’t afford 20 year period.”
“They can get a pension relative to the amount they pay for social security,”he said.
Dung said at the end of 2017, there were 13.6 million people in Vietnam buyingcompulsory social security. While there were more than 600,000 enterprisesoperating in Vietnam, only 230,000 buy social security for their workers.
There were about 3 million people who had not bought compulsory social securityfrom about 300,000 enterprises, Dung said.
He also mentioned voluntary social security, adding that currently 66 percentof labourers are from non-official sectors, which makes the goal of having 50percent of labourers buying compulsory social security difficult.
“The State needs to revive their policy in order to support a certainpercentage of the social security fees for those in need, so that these peoplecan have pensions when they get old,” Dung said.-VNA
