Average income of workers increased by 7.4%

Emphasizing that the average income of workers is 7.5 million VND/month, an increase of 7.4%, equivalent to an increase of 519,000 VND compared to the same period last year, Mr. Nguyen Ba Hoan added that in the first half of 2024, the Ministry of Labor, War Invalids and Social Affairs submitted to the Government to issue Decree No. 75/2024/ND-CP on adjusting pensions, social insurance benefits and monthly allowances.

The development of social insurance and unemployment insurance participants has also been promoted. The number of social insurance participants by the end of June 2024 reached about 18.3 million people, accounting for 39.05% of the working-age workforce, an increase of 1.16 million people over the same period. The number of unemployment insurance participants is estimated at 14.2 million people, an increase of 1.67% over the same period in 2023.

In the first 6 months, the number of people receiving unemployment benefits was 466,000, down 10.1% over the same period.

Also in the first half of 2024, the Ministry of Labor, War Invalids and Social Affairs will continue to implement the Central's resolutions and directives on wage reform and building harmonious, stable and progressive labor relations.

The Ministry of Labor, War Invalids and Social Affairs has also organized the synchronous and effective implementation of Directive No. 14-CT/TW of the Secretariat on continuing to strengthen the Party's leadership over the work of people with revolutionary contributions, the Ordinance on Preferential Treatment for People with Revolutionary Contributions and guiding documents. In particular, this agency has submitted to the Government for promulgation Decree No. 77/2024/ND-CP amending the standard level of preferential subsidies for people with revolutionary contributions.

"The standard level of preferential allowance for people with revolutionary contributions increased from VND2,055 million to VND2,789 million, an increase of 35.7%," Deputy Minister Nguyen Ba Hoan informed.

Also at the press conference, Mr. Nguyen Duy Cuong, Deputy Director of the Department of Social Insurance, Ministry of Labor, War Invalids and Social Affairs, said that 14 new key points in the Law on Social Insurance (amended) just passed by the National Assembly, including 11 chapters, 141 articles (an increase of 2 chapters and 16 articles compared to the current Law on Social Insurance). One of the 14 new key points worth noting is to encourage employees to reserve their contribution period to receive pensions instead of receiving social insurance in one lump sum.

Accordingly, the new Social Insurance Law has many amendments and supplements in the direction of increasing benefits, increasing attractiveness, and encouraging employees to reserve their contribution period to receive pension instead of receiving social insurance at one time.

Employees who have stopped participating in social insurance and have a request will receive a one-time social insurance benefit if they fall into one of the following cases:

Being old enough to receive pension but not having paid social insurance for 15 years; Going abroad to settle; People suffering from one of the following diseases: cancer, paralysis, decompensated cirrhosis, severe tuberculosis, AIDS; People with a working capacity reduction of 81% or more; people with extremely severe disabilities; Employees who have paid social insurance before July 1, 2025, after 12 months are not subject to compulsory social insurance but also do not participate in voluntary social insurance and have paid social insurance for less than 20 years.

Thus, for those who start participating in social insurance from July 1, 2025 onwards, one-time social insurance will be settled in the above cases. In addition, employees who do not receive one-time social insurance but reserve the payment period to continue participating will have the opportunity to enjoy higher benefits.

"The goal set when building the revised Law on Social Insurance is to ensure social security according to the provisions of the Constitution; institutionalize the viewpoints, guidelines, and reform contents according to Resolution No. 28 of the Central Committee; fundamentally amend practical difficulties and shortcomings; expand and increase rights and benefits to attract workers to participate in social insurance," said Mr. Nguyen Duy Cuong...