Continuing the suspension of contributions to the retirement and survivorship fund until the end of 2020

3:05:27 PM | 26/8/2020

The Ministry of Labor, Invalids and Social Affairs (MOLISA) made an agreement with the proposal of the Vietnam Social Security (VSS) that the employers facing difficulties due to the COVID-19 epidemic continues to temporarily suspend contributions to the retirement and survivorship fund until the end of December 2020.

Earlier, at the end of July, VSS sent a draft instruction on continuing the suspension of contributions to the retirement and survivorship fund for the employers affected by COVID-19. Accordingly, VSS proposes the following subjects, conditions, and periods of temporary suspension of contributions to the retirement and survivorship fund:

For businesses facing difficulties due to the COVID-19 pandemic that have been temporarily allowed to suspend their contributions to the retirement and survivorship fund, this may continue until the end of December 2020.

For businesses facing difficulties due to the COVID-19 pandemic but until now meeting the conditions for the suspension (for the first time), they should comply with the two guiding documents issued by the VSS. However, the period of suspension of contributions to the retirement and survivorship fund may expire by the end of December 2020. In the reply, the MOLISA has come to terms with the draft by the VSS.

Previously, from March 2020, based on the law on social insurance, Directive No. 11/CT-TTg dated March 4, 2020 of the Prime Minister and guiding documents of the MOLISA and the VSS have issued the guidelines on the suspension of contributions to the retirement and survivorship fund for those affected by COVID-19.

As of June 30, 2020, 1,519 units of employers were allowed to suspend their contributions to the retirement and survivorship fund with 138,076 employees nationwide./.

Huong Thom (Vietnam Business Forum)