Contribution level to unemployment insurance fund to reduce

The Ministry of Labor, Invalids and Social Affairs is collecting opinions about a draft NA resolution to reduce employers’ contribution level to unemployment insurance fund from 1 percent to 0.5 percent.

Workers filling in social insurance applications at HCMC Social Insurance Agency (Photo: SGGP)
If being approved, the changed level is expected to last until December 12, 2019.
According to the Vietnam Social Insurance Agency, unemployment insurance spending topped VND5.7 trillion (US$250.3 million) and the remainder of the fund was VND56 trillion ($2.46 billion) last year. The fund is forecast to still ensure safety by 2020.
Therefore, it is necessary to cut the contribution level to facilitate businesses’ development and competitiveness improvement.

By Q. Ngoc – Translated by Hai Mien

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