This Resolution includes amendments to the Law on Social Security as follows:
- Amending regulations on the compulsory SI contribution rate and basis to aim at expanding the SI coverage.
- Reducing requirements concerning the minimum SI participation time for entitlement to retirement benefits.
- Adjusting the method for calculating retirement pensions according to the payment – entitlement and equality principles.
- Ensuring other persons are bound to participate in compulsory SI programs.
-Increasing interests for those who retain their SI participation time in order for them to be entitled to retirement benefits and decreasing interests for those who decide to receive one-off SI benefits.
- Adjusting the cumulative rate to reach the maximum rate of retirement pension entitlement in conformity with international conventions.
- Building a complete system of penalties for any violation against SI legislation, especially for SI contribution evasion, debts owed or profiteering.
The Resolution No. 125/NQ-CP enters into force from the signature date.
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