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Benefits of foreigners participating in social insurance in Vietnam

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Social insurance is one of the useful security policies for employees. Humans want to exist and develop, need labor activities, so there is a relationship between the employee and the employer. Social insurance is applicable to all subjects, regardless of Vietnamese or foreigners. So what’re benefits of foreigners participating in social insurance in Vietnam, let’s find out this issue with LSX Lawfirm.

Law on social insurance 2014

Decree 143/2018/ND-CP stipulating the regimes of compulsory social insurance

What is social insurance?

Social insurance is an alternative guarantee or partially compensate employees’ income when they are reduced; or loss of income due to illness, maternity, labor accident, occupational disease end of working age or die, on the basis of contributions to the social insurance fund. The social insurance book is the basis for settling the social insurance regime for participants in accordance with law. The information in the book includes working time, payment process and social insurance benefits.

Functions of social insurance

Firstly, Vietnam Social Security is an agency under the Government with the function of organizing and implementing the regimes social insurance and health insurance policies organize collection and payment of unemployment insurance regime management and use of funds: Social insurance, unemployment insurance, health insurance; specialized inspection of the payment of social insurance; unemployment insurance, health insurance as prescribed by law.

Secondly, Vietnam Social Insurance is under the state management of the Ministry of Labor, War Invalids and Social Affairs regarding social insurance unemployment insurance of the Ministry of Health on health insurance of the Ministry of Finance on the financial regime for social insurance funds unemployment insurance, health insurance.

Benefits of foreigners when participating in social insurance in Vietnam

Clause 1, Article 5 of Decree 143/2018/ND-CP stipulates the regimes of compulsory social insurance applicable to foreign workers as follows:

The employees specified in Clause 1, Article 2 of this Decree shall have the following compulsory social insurance regimes: sickness, maternity, occupational accident and occupational disease insurance, retirement and death.

Accordingly, foreign workers are also provided with full social insurance regimes like Vietnamese workers. However, in 2021, foreign workers will only have right to sickness benefits, maternity, occupational accident insurance; occupational diseases because the enterprise has only paid insurance for these 03 funds. The retirement and survivorship regime will be applied from 2022.

Contact LSX Law firm

Finally, hope this article “Benefits of foreigners participating in social insurance in Vietnam?” is useful for you, if you have any questions please contact Lawyer X for quick and best legal services: +84846175333 or email: [email protected].

Related questions

What are the components of social insurance regimes ?

Firstly, subjects entitled to social insurance;
Secondly, conditions for enjoying social insurance;
Lastly, level and duration of social insurance allowance

What are the current social insurance regimes in Vietnam?

Sickness insurance regime;
Insurance for occupational accidents and occupational diseases;
Maternity insurance regime;
Unemployment insurance regime;
Pension regime;
Health insurance regime
Survivorship regime.

What types of social insurance cover?

Currently, there are two types of social insurance, namely compulsory social insurance and voluntary social insurance.
Compulsory social insurance is a type of social insurance organized by the State that employees and employers must participate in.
Voluntary social insurance is a type of insurance organized by the State in which the insured has the right to choose the payment level and payment method suitable to his/her finances

Conclusion: So the above is Benefits of foreigners participating in social insurance in Vietnam. Hopefully with this article can help you in life, please always follow and read our good articles on the website:

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