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- 09 / 06 / 2018 -
Reform of social insurance policy

On May 23, 2018, the Party Central Committee issued Resolution No.28-NQ/TW on reforming social insurance policy. This Resolution took effect from the date of its promulgation.

Accordingly, Resolution No.28-NQ/TW regulates the following important reforms:

  1. Expanding the subjects participating in compulsory social insurance for groups of heads of business household, managers of enterprises, managers and administrators of cooperatives without salaries or laborers working on flexible regimes;
  2. Amending the regulations on the minimum period of social insurance participation in order to enjoy the retirement regime in the direction of gradually reducing the minimum social insurance contribution from 20 years to 15 years, towards 10 years with the level of benefit is calculated appropriately in order to create conditions for elderly workers with low social insurance contributions to receive benefits.
  3. Reviewing, amending and improving the calculation of pensions, ensuring equality between men and women and between the state and non-state sectors.
  4. Harmonizing the principles of pay and share between high-wage earners and low-wage earners to narrow the income gap in pensioners.

Therefore, Resolution No.28-NQ/TW regulates the important reform of social insurance policy, thereby contributing to improving the quality and effectiveness of social insurance policies in Viet Nam.