Insurance Fee Fixed at 0.78 Pct

The Ministry of Finance recently issued the Circular No. 134/2011/TT-BTC dated September 30, 2011 providing detailed regulations and instructions for the implementation of some articles of the Prime Minister’s Decision No. 04/2011/QD-TTg dated January 20, 2011 on financial management for the Social Insurance of Vietnam.

Member units of the Social Insurance of Vietnam, social insurance units under the Ministry of Defence, the Ministry of Public Security, the Government Cipher Commission, and labour-sector units open deposit accounts at the State Treasury or the State-owned commercial banks to report collections and expenditures of management activities relating to social insurance, unemployment insurance and health insurance.

The fee rate for pension payment, social insurance allowances, and unemployment insurance allowances is set at 0.78 percent.

At the end of fiscal year, the Social Insurance of Vietnam will calculate margins on investment activities of insurance funds and deposit interests.

The Social Insurance of Vietnam will set aside 2 percent of annual profits from investment activities of insurance funds for provisions funds.