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Social insurance debts amount to VND5.7 trillion

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Companies across the country still owe about VND5.7 trillion (US$250.9 million) in social insurance premiums, accounting for 3.3% of all receivables, Tien Phong newspaper quoted the Vietnam General Confederation of Labor (VGCL) as saying.

At a conference on the sector’s performance last year and plan for this year, VGCL vice president Tran Thanh Hai said unpaid wages for workers totaled more than VND321 billion.

As for employment, Vietnam last year saw 126,900 enterprises established, creating jobs for more than 1.1 million people. However, over 72,700 firms filed for bankruptcy or suspended their operations.

In addition, females aged over 35 working for enterprises in industrial parks and export processing zones might easily lose their jobs.

Workers’ average monthly wage was VND5.2 million last year, up 7.2% over 2016, thanks to a minimum wage increase and bonuses on Tet holiday. Many workers had to work overtime to earn more money.

Living standards of workers in industrial parks have improved but many problems remain unsolved such as the management of kindergartens for workers’ children, Hai noted.

Besides, worker strikes tend to increase and become more complicated. Last year saw 314 worker strikes in 36 cities and provinces, up by 28 cases over the previous year and equivalent to 2015 when the law on social insurance was amended, affecting workers’ legitimate rights and benefits.

In addition, the new pension calculation method stated in the 2014 Law on Social Insurance applicable from this year puts female workers at a disadvantage as they have to contribute social insurance for five more years, meaning 30 years, to enjoy the highest pension rate of 75%. Retired females this year will be subject to pensions which are 4-10% lower than those retiring last year.

Hai proposed more policies to improve workers’ living standards.

 

 

Source: SGT

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