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- 29 / 10 / 2021 -
Latest policy on suspending payment of retirement and survivorship funds due to Covid-19

On October 8, 2021, the Government issued Resolution 126/NQ-CP in 2021 amending and supplementing Resolution 68/NQ-CP on a number of policies to support employees and employers who encounter difficulties due to the COVID-19 pandemic. Accordingly, the Resolution has amended regulations on the temporary suspension of contributions to the employer’s retirement and survivorship fund, specifically as follows:

– Regarding employers who have fully paid social insurance premiums or are temporarily suspending contributions to the retirement and survivorship fund until the end of January 2021 but have been affected by the COVID-19 pandemic, resulting in a downsizing of at least 10% of employees who have contributed to social insurance compared to January 2021 (including employees who stop working, suspend the performance of labor contracts and agreements on unpaid leave), the employees and the employers are entitled to a 6-month suspension of payment to the retirement and survivorship fund from the date of application submission.
– As for a case on the payment suspension under the Resolution No. 42/NQ-CP of April 9, 2020, and Resolution No.154/NQ-CP of October 19, 2020, of the Government, if the applicant is still qualified, the application will be approved as long as the suspension period does not exceed 12 months.

Thus, compared with the provisions of Resolution 68/NQ-CP, the amendments in this Resolution have extended the time limit for fully paying social insurance premiums or temporarily suspending payment to the retirement and survivorship fund of the employer (previously it was regulated until the end of April 2021) and the rate of reduction of employees participating in social insurance (previously it was regulated to decrease from 10% compared to April 2021).

This Resolution takes effect from October 8, 2021.