Social insurance benefits in 2024: Latest regulations

Social insurance benefits have expanded many practical benefits for Vietnamese workers. With two forms of mandatory and voluntary social insurance, workers are comprehensively protected against health risks, work accidents and guaranteed income when they reach the end of working age. Follow Long Phan’s article to learn details about benefits and the most effective way to participate in social insurance.

How to receive social insurance benefits?

Social insurance prescribed in Clause 1, Article 3 of the Law on Social Insurance 2014 is a mechanism to replace or partially compensate the income of workers when they encounter events that reduce or lose their ability to work, including: illness, maternity, work accidents, occupational diseases, retirement age, or death. The payment of these benefits is based on the principle that workers contribute to the social insurance fund.

Forms of social insurance benefits

Social insurance participants will receive monthly or one-time benefits depending on the type of regime they are eligible for. In case the employee does not wish to continue participating in social insurance, they can choose:

• Reserve the period of social insurance payment to use when necessary in the future.
• Receive one-time social insurance, with payment based on the total time and salary of previous social insurance payments.

Process of participating and enjoying Social Insurance

Employees need to fully take the following steps to ensure benefits from social insurance:

1. Register to participate in social insurance: Choose the type of mandatory or voluntary social insurance and ensure that you meet the conditions for participation according to the law.
2. Pay social insurance fully and on time: Pay social insurance fees corresponding to income and within the prescribed time frame.
3. Management of social insurance books:

• Monitor and update information in the social insurance book.
• Timely notify the social insurance agency if there is a change in personal information or labor status.

4. Submit application to enjoy social insurance benefits:

• When encountering incidents or risks that affect income from labor, insurance participants need to prepare complete documents and send them to the social insurance agency.
• The application will be reviewed and resolved according to the correct process to ensure that employees receive appropriate benefits.

Therefore, fully complying with these steps will help employees not only ensure their own rights but also avoid legal risks related to social insurance.

Social insurance benefits 2024

The Law on Social Insurance 2014 regulates social insurance benefits applicable to two types: compulsory social insurance and voluntary social insurance, specifically as follows:

For compulsory social insurance

According to the provisions of Clause 1, Article 4 of the Law on Social Insurance 2014, compulsory social insurance includes benefits for sickness, maternity, labor accidents, occupational diseases, retirement, and death.

For voluntary social insurance

Pursuant to Clause 2, Article 4 of the Law on Social Insurance 2014, it is stipulated that voluntary social insurance has 2 regimes. Specifically, including retirement and death benefits.

Social insurance is an important social security policy, helping workers reduce their financial burden during difficult periods of life. Full participation in social insurance not only ensures personal rights but also contributes to building a sustainable social security system.

Benefits when participating in social insurance today

According to the provisions of the Law on Social Insurance 2014, the State organizes and implements two types of social insurance (social insurance), including compulsory social insurance and voluntary social insurance. Depending on the type of social insurance the employee participates in, benefits are different.

Benefits when participating in compulsory social insurance

According to the provisions of Clause 1, Article 4 of the Law on Social Insurance 2014, participants of compulsory social insurance are entitled to 5 basic benefits, including:

1. Sickness regime: Employees will be given time off work and receive benefits if they are sick or have a sick child under 7 years old that needs care.
2. Maternity regime:

Male and female employees participating in compulsory social insurance can enjoy maternity benefits in the following cases:

• Regular prenatal check-ups.
• Miscarriage, curettage, abortion, stillbirth or abortion for medical reasons.
• Giving birth or adopting a child under 6 months old.
• Carry out family planning measures such as an IUD or sterilization.

3. Labor accident and occupational disease regime:

When suffering from a work accident or occupational disease, employees will receive the following benefits:

• One-time allowance or monthly allowance depending on the level of work ability loss.
• Assistance in purchasing living aids or orthopedic devices.
• Service allowance in case of severe loss of working capacity.
• One-time benefit in case of death due to accident or occupational disease.
• Convalescence and health recovery regime after treatment.
• Support for training and career change when returning to work.

4. Retirement benefits:

• Employees who reach retirement age and meet the minimum social insurance payment period conditions as prescribed will receive a monthly pension.
• In case they do not want to receive pension, employees can choose to receive one-time social insurance if certain conditions are met.

5. Death benefit:

When the employee dies, relatives will receive:

• Funeral allowance, payment of an amount to support funeral expenses.
• Survivor benefits: Relatives can receive a one-time benefit or a monthly benefit depending on each specific case.

Benefits when participating in voluntary social insurance

Voluntary social insurance participants are entitled to 2 basic benefits, including:

1. Retirement benefits

• Employees who participate in voluntary social insurance for 20 years or more and reach the prescribed retirement age will receive a monthly pension.
• In case they do not want to receive a pension, they can choose to receive one-time social insurance if they meet the prescribed conditions.

2. Death benefits

When a voluntary social insurance participant dies, their relatives will receive the following benefits:

• Funeral allowance to assist with funeral-related costs.
• One-time survivor allowance: Pay a financial support amount to relatives.

Consulting services on issues related to current social insurance benefits

With a team of experienced experts, Long Phan provides professional social insurance consulting services, supporting customers in all aspects related to social insurance, helping customers comply with regulations and optimize benefits.

Specifically, Long Phan’s services include:

• Consulting on procedures for participating in mandatory and voluntary social insurance.
• Instructions for dossiers to enjoy social insurance benefits.
• Support in resolving problems regarding social insurance benefits.
• Representing customers to carry out administrative procedures regarding social insurance.
• Consulting on methods to resolve disputes about social insurance.
• Update new policies and regulations on social insurance.

Social insurance is one of the important policies to ensure security benefits for workers and businesses. If you need assistance with social insurance issues, please contact Long Phan via hotline 0906735386 for advice and detailed support to help you protect your legal rights and receive the most effective solutions.