On September 23, 2019, the Government issued Decree No. 74/2019 / ND-CP amending and supplementing a number of articles of Decree 61/2015 / ND-CP dated July 9, 2015 of the Government employment support policy and national employment fund. This Decree takes effect from November 8, 2019.
Some notable contents of Decree No. 74/2019 / ND-CP:
Modify some contents:
+ Abolishing the function of allocating capital and assigning the targets of implementing the National Employment Fund by the Ministry of Labor, War Invalids and Social Affairs to provincial-level People’s Committees and central agencies of major organizations social – treatment. (Clause 1, Article 1 of Decree 74/2019 / ND-CP)
+ Increasing the preferential loan limit for small and medium-sized enterprises, cooperatives, cooperative groups, business households and employees. Accordingly, for production and business establishments, the maximum loan is VND 2 billion / project and not exceeding VND 100 million for 01 employee to create jobs, maintain and expand jobs. For employees, the maximum loan amount is VND 100 million. (Clause 2, Article 1 of Decree 74/2019 / ND-CP).
+ Extending the maximum loan term for the borrowing units. Under the new regulations, the maximum loan term is 120 months. The specific loan term is considered and balanced by the Vietnam Bank for Social Policies to reach agreement with the borrower. (Clause 3, Article 1 of Decree 74/2019 / ND-CP)
Abolish some contents:
+ Abolish the content of formulating, approving loan plans and employment targets for preferential loans of small and medium-sized enterprises, cooperatives, cooperative groups, business households and laborers ( Clause 10, Article 1 of Decree 74/2019 / ND-CP)
+ Abolish the content of formulating, approving the loan plan for the preferential loan of workers working abroad under contracts (Clause 17, Article 1 of Decree 74/2019 / ND-CP).
The promulgation of Decree No. 74/2019 / ND-CP amending and supplementing a number of contents in Decree 61/2015 / ND-CP on employment support policy and national funds for employment is entirely appropriate. The new Decree overcomes the irrationalities of the old regulations, which are more suitable to the reality of the country as well as creating more motivation for businesses and workers.