Minister of Finance Ho Duc Phoc: The Government is Designing a Support Package of VND 23,000 Billion from the Social Insurance Fund to Support Workers
25/06/2023 01:45 PM
Minister of Finance Ho Duc Phoc has announced that the government is designing a support package worth around VND 23,000 billion from the Unemployment Insurance Fund to provide assistance to workers during these difficult times.
In a recent announcement, Minister of Finance Ho Duc Phoc revealed that the Vietnamese government is actively working on a support package worth VND 23,000 billion from the Social Insurance Fund to provide much-needed assistance to workers. This initiative aims to alleviate the financial burdens faced by employees amid ongoing economic challenges.
The Ministry of Finance is collaborating with the Vietnam Social Security and other relevant agencies to finalize the details of the package. The support is expected to target workers who have lost jobs, experienced income reductions, or are struggling with rising living costs. The financial assistance will be disbursed through the Social Insurance Fund, ensuring transparency and efficiency in the distribution process.
On June 6th, National Assembly delegate Trang A Duong (from the Ha Giang delegation) proposed that the central government consider establishing a budget support fund to assist workers, similar to the policies implemented during the Covid-19 pandemic, to help workers reduce their difficulties and stabilize their lives. The delegate also suggested supplementing the National Fund and employment for localities to provide additional income support for workers.
Minister of Finance Ho Duc Phoc
Regarding this issue, Minister of Finance Ho Duc Phoc stated that in 2021, we spent VND 47,356 billion from the Unemployment Insurance Fund to support workers affected by Covid-19, and VND 30,8 trillion for those affected by Covid-19. In 2023, the remaining balance in the fund will be around VND 59,357 billion.
"Currently, we are designing a support package for workers to submit to the government and to the National Assembly Standing Committee, which is to spend around VND 23,000 billion from the Unemployment Insurance Fund to support workers during this difficult time," Minister Ho Duc Phoc said.
Illustrative image (internet)
According to the Minister of Finance, this means that the remaining balance in the fund will be around VND 39,405 billion. This demonstrates that the VSS and the Ministry of Labour, Invalids and Social Affairs are especially concerned about difficult periods, and are implementing all mechanisms and policies to support workers.
Minister Ho Duc Phoc emphasized the importance of this initiative in safeguarding the well-being of workers and fostering social stability. He noted that the government remains committed to supporting vulnerable groups and mitigating the adverse impacts of the economic downturn on citizens.
The proposed support package is a testament to the government's dedication to social welfare and economic recovery. As the plan is finalized, it is anticipated that the timely assistance will provide significant relief to workers, contributing to the overall stability and resilience of the Vietnamese economy.
Further updates on the implementation and eligibility criteria of the support package will be announced as the government finalizes the proposal.
VSS
Sickness
Work Injury and Occupational Disease
Survivor’s
Old-age
Maternity
Unemployment
Medical (Health Insurance)
Certificate of coverage
VSS - ISSA Guidelines on Social Security
