Ho Chi Minh City Social Insurance has just issued a document promoting social insurance policies for business owners in the city.
Accordingly, the total monthly social insurance and health insurance contribution of business owners is 29.5% of the salary used as the basis for payment. Of which, the pension and death fund is 22%; the Sickness and Maternity Fund is 3% and the Health Insurance Fund is 4.5%.
Business owners are allowed to choose their salary as the basis for compulsory social insurance contributions, but the lowest is the reference level (currently VND 2,340,000) and the highest is 20 times the reference level at the time of contribution.
Thus, the lowest monthly social insurance and health insurance contribution rate that business owners can choose will be 690,300 VND (29.5% x 2,340,000 VND) and the highest will be 13,806,000 VND (29.5% x (20 x 2,340,000).
Ho Chi Minh City Social Insurance also said that business owners can choose to pay monthly, pay 3 months at a time and pay 6 months at a time. The deadline for payment is the last day of the month following the payment cycle.
After 12 months of implementation, business owners can change the salary level as the basis for social insurance payment.
