According to the provisions of Clause 1, Article 2 of the Law on Social Insurance 2024, employees working under indefinite-term labor contracts, labor contracts with a term of 1 month or more, even in cases where employees and employers agree under another name but have content showing that the job has payment, salary and management, operation and supervision by one party, and are required to participate in social insurance.
In case of signing labor contracts with many employers, employees only have to pay social insurance according to the first signed labor contract (according to Point a, Clause 5, Article 2 of the Law on Social Insurance 2024).
In which, every month, employees must deduct and pay into the pension and death fund with the following amount:
Payment rate = 8% x Monthly salary for social insurance contributions
The salary for social insurance contributions of employees includes salary, salary allowances and other supplements specifically recorded in the labor contract.
Maximum social insurance salary = 20 times the reference level = 46.8 million VND.
(Clause 13, Article 141 of the Law on Social Insurance also clearly states that when the basic salary has not been abolished, the reference level prescribed in this Law is equal to the basic salary.)
