On January 22, 2020, the Prime Minister issued Decision No. 149/QD-TTg approving the Comprehensive National Financial Strategy until 2025, oriented towards 2030, aiming to "Promote pension payments, social insurance benefits without using cash through the banking system." Subsequently, on October 28, 2021, the Prime Minister continued by issuing Decision No. 1813/QD-TTg approving the Project on developing non-cash payments in Vietnam for the period 2021-2025, including the target of "60% of pensioners and social insurance beneficiaries, unemployment allowance recipients in urban areas receiving payments via non-cash methods."

64% of Individuals Receiving Social Insurance and Unemployment Benefits through Bank Accounts (Illustrative image - Source: Internet)

The implementation of this target, guided by the Prime Minister's directives, has led the VSS to strive for various measures. These include the issuance of Plan No. 1823/KH-BHXH on June 9, 2020, regarding "Promoting pension payments, social insurance benefits, and unemployment allowances without cash through the banking system from 2020 to 2025." Annually, targets are set to encourage beneficiaries to use non-cash payment methods, particularly in urban areas, as indicated in Decision No. 459/QD-BHXH dated March 23, 2033, for the year 2023. These targets involve collaborative efforts with provincial People's Committees to issue directives to relevant units within the province, enhancing propaganda, analyzing and identifying potential beneficiary groups, coordinating with job service centers and labor-utilizing units to guide workers in declaring account information for receiving benefits through personal bank accounts when applying for social insurance and allowances.

Presently, nationwide, about 64% of individuals receiving social insurance and unemployment allowances use their personal bank accounts in urban areas, marking a 3% increase from 2022 and exceeding the 4% target outlined in Decision No. 1813/QD-TTg dated October 28, 2021, by the Prime Minister.

Receiving social insurance and unemployment benefits through personal bank accounts brings numerous advantages to recipients, enabling quick, secure, and time-saving disbursements. Monthly payments are now conveniently credited without the need for beneficiaries to gather at specific locations to receive funds and sign payment lists./.