After the discussion of the NA deputies, the Minister of Labor, War Invalids and Social Affairs gave a speech to explain and clarify a number of issues raised by the NA delegates.

Standing Vice Chairman of the NA Tran Thanh Man ran the meeting

The draft revised Law on Social Insurance (Social Insurance) is structured with 10 chapters and 136 articles (the 2014 Social Insurance Law includes 09 chapters and 125 articles). The draft Law closely follows five policies approved by the NA, including: (1) Building a flexible, multi-layered social insurance system; (2) Expand coverage of social insurance participants; (3) Expand coverage of social insurance beneficiaries (pensions, monthly social insurance and social retirement benefits); (4) Supplementing content regulations on management of social insurance collection and payment; (5) Diversify the portfolio and investment structure of the social insurance fund in the principle of safety, sustainability and efficiency.

On the basis of the above policies, the draft Law specifies 11 major contents including:

(1) Supplementing social pension benefits to form a multi-layered social insurance system;

(2) Expanding subjects participating in compulsory social insurance;

(3) Adding benefits to sickness and maternity benefits for people working part-time in communes, wards and towns;

(4) Adding maternity benefits to the voluntary social insurance policy;

(5) Reduce the condition on the minimum number of years of social insurance payment to receive monthly pension from 20 years to 15 years;

(6) Amending regulations on one-time social insurance benefits;

(7) Supplementing regulations on management of social insurance collection and payment to handle social insurance evasion;

(8) Amending the basis for paying compulsory social insurance;

(9) Amend regulations related to public sector salaries in accordance with the orientation of Resolution No. 27-NQ/TW;

(10) Amending and supplementing the portfolio diversification and investment structure of the social insurance fund in principle of  safety, sustainability and efficiency;

(11) Regarding social insurance management costs.

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