Labor ministry wants occupational accident insurance cut to 0.5% Truc Diem HANOI – The Ministry of Labor, Invalids and Social Affairs is drafting a decree on compulsory social insurance for occupational accidents and diseases, in which the insurance rate is proposed at 0.5% of a company’s total payroll fund, compared to the current 1%. In a recent document the ministry sent to the Government, the 2014 social insurance law stipulates that employers shall contribute 1% of their salary funds to the occupational accidents and diseases fund on a monthly basis. The ministry, in accordance with the Government’s Resolution No. 35 on support for enterprises until 2020, conducted a review of the current social insurance regime for occupational accidents and diseases. The result showed the rate of its expenditure and revenue does not exceed 10%, which has been stable in recent years. Even though the occupational safety and health law which took effect in mid-2016 stipulates some extra expenditures, this rate does not exceed 25%. Therefore, the new premium rate for occupational accidents and diseases which will be slower than the current rate and applied in a short-term period is completely feasible with an aim of reducing costs for enterprises. The… Read full this story
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