The Government has officially issued a decree stipulating the details of compulsory social insurance for foreign employees in Việt Nam, which will take effect on December 1 this year.- Photo infonet.vn The Decree 143/2018/NĐ-CP also outlines a guide as to how to enforce the Law on Social Insurance. Under the decree, foreigners working in the country with a work permit, practice certificate, or practice licence granted by Vietnamese authorities and under non-fixed-term labour contracts or contracts with a term of one full year and above shall be subject to compulsory social insurance. They will be entitled to the following social insurance regimes – sickness, maternity, workplace accident, occupational disease, retirement, and survivor benefits. The employers are obliged to contribute amounts equal to 3 per cent of the employee’s monthly salary to the sickness and maternity funds and 0.5 per cent into the occupational accidents and hazards starting in December 2018, and 14 per cent into the retirement and survivor benefits fund starting from 2022. The employee’s contribution to the latter two schemes is set at 8 per cent of their monthly salary. Those temporarily transferred from their mother companies abroad to subsidiary firms in Việt Nam or reaching retirement age… Read full this story
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