Headlines 30/05/2020 15:54 CH

Eligibility requirements for enterprise's entitlement to reduction in compulsory insurance contribution rates

Nguyễn Ân

The Government promulgates the Decree No. 58/2020/ND-CP regulating rates of compulsory insurance contribution to the occupational accident and disease insurance fund.

According to this Decree, enterprises will be recommended to have access to the lower rates of social insurance contribution than the ordinary rates (i.e. only paying 0.3% of the payroll as a basis for contribution to social insurance, instead of 0.5%) if they meet the following requirements:

- They are those operating in industries and sectors facing high occupational accident and disease risks;

 - Within three consecutive years prior to the year of recommendation, they have not been subject to any monetary fines or criminal prosecution related to occupational safety, hygiene and social insurance;

- They have submitted periodic reports on occupational accidents, safety and hygiene in an accurate, sufficient and timely manner within three consecutive years prior to the year of recommendation;

- Frequency rate of occupational accidents in the year preceding the year of recommendation must drop by at least 15% of the average frequency rate in 3 consecutive years prior to the year of recommendation, or have not had any occupational accident 3 years preceding the year of recommendation.

Decree No. 58/2020/ND-CP is entering into force on July 15, 2020.

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