Answering the questions of readers, Mr. Tran Hai Nam, Deputy Director of Department of Social Insurance (Ministry of Labor, War Invalids and Social Affairs) shared: According to the Law on Social Insurance in 2014, “Social insurance is a guarantee to replace or partially offset a person's income labor when they are reduced or lose their income due to illness, maternity, labor accident, occupational disease, end of working age or death, based on contribution to the social insurance fund". Therefore, the social insurance policy is implemented on the basis of mobilizing the contributions and accumulation of young and healthy workers to ensure income stability when facing risks.

The social insurance policy is currently being implemented with two types of social insurance: compulsory and voluntary. Accordingly, compulsory social insurance is applied to employees who have labor relations (working under labor contracts of full 1 month or more); basically implemented with 5 regimes: sickness, maternity, labor accident - occupational disease, retirement and death; Contribution responsibilities are set forth by both the employee and the employer.

In addition to the regimes of sickness, maternity, labor accidents - occupational diseases that are shared between healthy people and those who are suffering from illness and accident risks; The retirement regime in social insurance is being designed to benefit workers with a much higher level of benefit than the contribution.

Assuming a female employee participates in social insurance for 20 years with the contribution rate of 22% of the monthly salary, the entitlement is 55% of the average salary with the period of entitlement based on the average life expectancy of women at the age of 55 is 24, 6 years. Thus, it is clear that the benefit is many times higher than the contribution rate, while the benefit period is longer than the contribution period. In addition, pensioners are also entitled to a health insurance policy guaranteed by the Social Insurance Fund, upon death their relatives are entitled to a funeral and survivorship allowance. Thus, participating in social insurance is definitely beneficial for employees.