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Nam said voluntary social insurance was for workers who are not subject to compulsory social insurance and was implemented under two types of retirement and survivorship. Without labour contracts, participants have to bear the responsibility of contribution.  

The voluntary social insurance policy has brought about several benefits, including helping everybody to approach policies of retirement and pension. For participants of compulsory social insurance who reach retirement age but do not satisfy the regulation of contribution period, instead of enjoying a lump-sum social insurance allowance like before, they can continue paying voluntary social insurance and choose a lump-sum payment for missing years to immediately receive their pension.

Voluntary social insurance participants may select their monthly income as a basis for payment of social insurance in accordance with their financial conditions. Currently, the lowest level is equal to the poverty line in rural areas (VND700,000 or US$30 per month, while the contribution is only VND154,000 per person per month) and the highest level is equal to 20 times the base salary at the time of payment (the current base salary is VND1.49 million per month, the contribution is VND6.559 million per person per month). Participants can also choose different payment solutions: monthly, quarterly, every six months, annually and one time for several years.

Secondly, besides the monthly pension benefits determined based on the contribution rate and the period of participation, pension rates will continue to be adjusted on the basis of the cost of living index, economic growth and the ability to balance the social insurance fund in each period.

Thirdly, from January 1, 2018, the Government implemented the contribution assistance policy for voluntary social insurance participants on the percentage of the monthly social insurance premium based on the poverty line in rural areas. Specifically, with three levels of support: 30 per cent for voluntary social insurance participants of poor households; 25 per cent for those of near poor households; and 10 per cent for the rest. And based on the socio-economic development conditions and the ability of the State budget in each period, the Government will consider adjusting the level of payment assistance for voluntary social insurance participants.

Fourthly, the Government protects the social insurance fund and implements measures to preserve and increase the fund to ensure all participants are entitled to full benefits as prescribed by law./.