Dec 31, 2019 / 14:55

Vietnam's voluntary social insurance coverage expands dramatically

The Hanoitimes - By the end of 2019, there are roughly 551,000 voluntary social insurance holders in the country, an increase of 281,000 people year-on-year.

The number of Vietnamese population covered with voluntary social insurance sharply has more than doubled in 2019, rising from 270,000 year-on-year to roughly 551,000 by the end of 2019, according to Vietnam Social Security’ report on social, health and unemployment insurance.

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The number of new holders in 2019 is nearly equal to the that of the last 10 years, from 2008 to 2018, the report said. The number was only 6,000 holders in 2008, the first year of implementing the voluntary social insurance policy.

According to the report, the number of compulsory social insurance holders is estimated to amount to 15.185 million people by the end of 2019, 15.068 million people are covered with occupational accident insurance, and 13.343 million insured with unemployment insurance. In addition, 85.390 million have joined health insurance, accounting for 90% of Vietnam's population.

However, about 30 million people have not yet been covered by social insurance, the Vietnam Social Security said, adding that encouraging people to participate in social insurance still faces many difficulties and challenges because the voluntary social insurance policy is not attractive to self-employed workers. They have low income while the minimum participation period to enjoy a pension is too long (20 years).

In the time ahead, the Vietnam Social Security will expand the network of voluntary social insurance collection agents to each village, hamlet and even residential quarter and create the most favorable conditions for voluntary social insurance participation.