The 2024 Social Insurance Law (SI) along with guiding documents bring many important changes in the payment method and income level as the basis for voluntary social insurance payment. The new regulation helps people flexibly choose, optimize their rights and easily maintain the participation process.
Voluntary social insurance is a type of insurance organized by the State, for Vietnamese citizens aged 15 and over and not subject to compulsory social insurance. Participants have the right to proactively choose the payment level and payment method suitable to their economic conditions, in order to ensure their life when they are past working age.
Regarding the contribution rate: According to the Social Insurance Law 2024, the voluntary social insurance contribution rate is 22% of income used as the contribution basis. This income is self-adession by participants within the range from the standard standard for poor households in rural areas to 20 times the reference level at the time of payment.
Lowest level: equal to the poverty line of rural areas (currently the poverty line of rural areas is 1,500,000 VND/month). Specifically, the lowest contribution rate is: 22,2% x 1,500,000 VND/month = 330,000 VND/month.
Highest level: equal to 20 times the reference level at the time of payment (currently the reference level is the basic salary of VND 2,340,000/month). Specifically, the highest contribution rate is: 22,2% x 2,340,000 VND/month = 10,296,000 VND/month.
Regarding payment methods
Participants can choose one of the following payment methods:
- Monthly.
- Every 3 months.
- Every 6 months.
- Every 12 months.
- Once for many years later (but not more than once every 5 years).
- Once give the remaining period to be eligible for pension (when reaching retirement age but still lacking for no more than 5 years).
Simple adjustment procedures
To adjust, participants only need to submit the "Document for adjusting information on voluntary social insurance participation" to the social insurance agency. The Social Insurance Agency will receive and make adjustments as required.
Allowing flexible changes in payment methods and levels helps people proactively plan, reduce financial burdens and encourage more participants, contributing to the implementation of the goal of social security for all people.
