Under the Law on Social Insurance 2014 (effective from the beginning of 2016), voluntary social insurance participants are entitled to retirement and survivors benefits when they have paid the contributions at the rate of 22% of the monthly income of their choice. The lowest monthly income level on which voluntary contribution rate is based on is the rural poverty line and the highest is equal to 20 times the base salary. Employees may choose one of the following payment methods: monthly; quarterly; every 6 months; yearly; lump sum payment for following years at a lower rate than the monthly payment or lump sum payment for the passed years at a higher rate than the monthly payment.

Under this participation, when eligible for retirement, voluntary social insurance participants will be entitled to monthly pension. Particularly, from 1 January 2018, voluntary social insurance participants are supported by the State with some of their contributions. Specifically, the State supports 30% of the contributions to poor households; 25% of the contributions to near poor households; 10% to other groups.

However, the great support has not been able to speed up the voluntary social insurance expansion; voluntary participants are mainly those who have paid compulsory social insurance and keep contributing to voluntary social insurance scheme just to qualify for old age pensions. There are very few participants from self-employed group.

In order to achieve the objective of developing voluntary social insurance, social security system should keep promoting education on policies and benefits of voluntary social insurance to people, using suitable methods to self-employed and rural workers. In addition, social insurance agencies at all levels should also strengthen training to improve the capacity of collection agents in communes, wards and towns.

On the other hand, the social security system should continue to advise the competent authorities to supplement and expand the benefits for participants and beneficiaries. At the same time, it is necessary to create the convenient procedures for voluntary participants so people can access and benefit from voluntary social insurance schemes to secure their future in the old age.