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Reforms to ensure social insurance key pillar in social security system

Update: May, 26/2018 - 08:42
The reform of social insurance policies aims to ensure social insurance is a key pillar in the social security system and to expand coverage for all people, according to a resolution of the Party Central Committee.— Photo vnexpress.net

HÀ NỘI — The reform of social insurance policies aims to ensure social insurance is a key pillar in the social security system and to expand coverage for all people, according to a resolution of the Party Central Committee.

Party General Secretary Nguyễn Phú Trọng on May 23 signed off Resolution 28-NQ/TW on reforming social insurance policies, issued at the recent seventh session of the 12th-tenure Party Central Committee.

The resolution states that the social insurance system will be developed flexibly into a diverse, multi-level and modern regime that matches international practices. The State’s management capacity will be improved while a lean, professional, modern, trustworthy and transparent system for social insurance policy implementation will be developed.

The resolution also sets detailed objectives for different time periods.

By 2021, about 35 per cent of the workforce will take part in social insurance and about 28 per cent will participate in unemployment insurance. About 45 per cent of persons beyond retirement age will receive retirement pensions, monthly social insurance benefits and post-retirement benefits, while it is hoped satisfaction with social insurance index will reach 80 per cent.

By 2025, about 45 per cent of the workforce are set to take part in social insurance, with 35 per cent in unemployment insurance. About 55 per cent of persons beyond retirement age will receive retirement pensions, monthly social insurance benefits and post-retirement benefits. Satisfaction with social insurance index is expected at 85 per cent.

The resolution targets that by 2030, about 60 per cent of the workforce will take part in social insurance and about 45 per cent will participate in unemployment insurance. About 60 per cent of the persons beyond the retirement age will receive retirement pensions, monthly social insurance and post-retirement benefits. The satisfaction with social insurance index is hoped to reach 90 per cent.

The resolution requests reforms are made synchronously to expand social insurance coverage towards universal social insurance coverage and to ensure the long-term balance of the fund.

The reforms include building a multi-level social insurance system, amending regulations on minimum social insurance participation duration eligible for retirement benefits, enhancing the connectivity of social insurance policies and reforming the making and implementation of policies to promote people’s trust in the social insurance system.

To achieve the objectives, the resolution also devises plans, including fine-tuning the legal system on labour, employment and social insurance; improving the State’s capacity and efficiency of social insurance management; promoting the capacity of administering and effectiveness of implementing social and unemployment insurance policies; and enhancing the Party’s leadership and the role of people, the Việt Nam Fatherland Front and socio-political organisations in this work. — VNS

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