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Listen to One-Time Social Insurance For Foreigners by TPM Tax Agency MP3 song. One-Time Social Insurance For Foreigners song from TPM Tax Agency is available on Audio.com. The duration of song is 05:20. This high-quality MP3 track has 32 kbps bitrate and was uploaded on 24 Apr 2024. Stream and download One-Time Social Insurance For Foreigners by TPM Tax Agency for free on Audio.com – your ultimate destination for MP3 music.
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Foreign individuals working in Vietnam are entitled to social insurance benefits, including a one-time payment when their labor contract or work permit ends. This ensures their rights and provides security while working in Vietnam. The eligibility criteria for the payment include reaching the prescribed age, having certain diseases, satisfying retirement requirements, or having their employment contract terminated. The amount of the payment is calculated based on the average monthly salary and the number of years of social insurance contributions. If foreign employees need to claim this benefit, they should contact the local social insurance agency. The regulations and legal grounds for this benefit are outlined in various laws and decrees. Summary, foreign individuals working in Vietnam not only participate in the labor process but are also guaranteed security by the Social Insurance System, S.I. This benefit includes one-time social insurance when the labor contract or work permit terminates, as well as when the practicing certificate and practicing license expire without being permitted for renewal. This is not only an important right but also a measure to ensure the rights of foreign individuals, helping them feel confident and secure while working in Vietnam. Detail content, pursuant to Clause 6, Article 9, Retirement Regime of Decree No. 143, 2018, N.D.C.P. stipulates. Employees who are foreign nationals working in Vietnam shall be required to participate in the compulsory S.I. program if they obtain work permits, practicing certificates, practicing licenses issued in Vietnam, indefinite-term employment contracts or employment contracts valid for at least one year with employers. They are eligible for one-time social insurance coverage if any of the following conditions apply. He, she reaches the prescribed age as prescribed but has not yet reached the period of 20 years of S.I. contribution. He, she is currently suffering from one of the deadly diseases, such as cancer, polio, cirrhosis with ascites, lapra, serious tuberculosis, HIV infection moved to the phase of AIDS disease and others regulated by the Ministry of Health. He, she has fully satisfied retirement pension entitlement requirements as prescribed but has discontinued residing in Vietnam. His, her employment contract is terminated, or his, her labor permit, practicing certificate or practicing license expires without being permitted for renewal. Therefore, when foreign labor terminates their labor contracts or work permits, as well as when their practicing certificates and practicing licenses expire without being renewed and have a need to enjoy insurance one-time social insurance, employees need to contact the local social insurance agency where they temporarily reside to submit their application. Pursuant to Clause 2, Article 1 of Resolution No. 93, 2015, Q.H. 13 stipulates, The one-time social insurance benefit for foreigners is calculated according to the following formula. Claimed amount equals, 2x the average monthly salary paying social insurance x number of years paying social insurance after 2014. The average monthly salary paid for social insurance equals, salary paid for social insurance x inflation coefficient x number of months, total number of months. Pursuant to Clause 4, Article 19 of Circular 59, 2015, TTBLDTBXH regulating rounding calculation when calculating lump sum social insurance benefits in case the social insurance payment period has odd months. If the contribution period is from 1 to 6 months, it is counted as 0.5 year. If the contribution period is from 7 to 11 months, it is counted as 1 year. For example, employee A has participated in the mandatory social insurance program from January 2022 to March 2023 with a monthly insurance contribution of 15 million Vietnamese Dongs. Total duration of social insurance participation of A is 1 year and 3 months, and Mr. A has a plan to enjoy social insurance benefits once they leave the job. So, what is the total amount of social insurance benefits that A will receive? TTM Consultancy, A's duration of social insurance participation from January 1, 2022, from 2022 to March 2023 is 1 year and 3 months, which equals 15 months rounded up to 1.5 years. A's average monthly salary equals, 15 million **12**1, plus, 15 million **1**3, 15 equals 15 million Vietnamese Dongs. Thus, the one-time social insurance benefits that A will receive equals 2 times 15 million times 1.5 equals 45 million Vietnamese Dongs. Above are some basic regulations of one-time social insurance for foreign employees. If you need any assistance with these or any other matters relevant for foreign employees in Vietnam, our experts are ready to work with your company to ensure you understand how the above will apply to your specific situation. Contact our teams for expert support and further information on managing labor and HR compliance in Vietnam. Do T2 Queen Head of Payroll and HR Services, queen.do at tpm.com.vn Legal Grounds, Social Insurance Law No. 58 2014, QH 13 dated November 20, 2014. Decree No. 143 2018, NDCT dated October 15, 2018. Resolution No. 93 2015, QH 13 dated June 22, 2015. Circular No. 59 2015, TT BuildTBX dated December 29, 2015. Circular No. 22 2023, TT BuildTBX dated December 29, 2023.
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