Headlines 09/02/2021 10:03 SA

Indexing factors used for calculation of social insurance contribution amounts to take effect as from January 1, 2021.

Nguyễn Ân

This is the highlight of the Circular No. 23/2020/TT-BLDTBXH regulating the indexing factors for the wage and income of the month of completed payment of social insurance contributions.

According to this Circular, pay rates of the month of completion of payment of compulsory social insurance contributions specified in clause 1 of Article 1 in Circular No. 23 will be adjusted according to the following formula:

Monthly pay rate used as a basis for payment of social insurance contribution after adjustment for each year = Total monthly pay rate used as a basis for payment of  social insurance contributions in each year x indexing factor for the respective year.  

In this formula, the indexing factor for the respective year which is adopted from earlier than 1995 to 2021 is specifically regulated under clause 1 of Article 2 in the Circular No. 23, including:

- Year 2015: 1.17.

- Year 2016: 1.14.

- Year 2017: 1.10.

- Year 2018: 1.06.

- Year 2019: 1.03.

- Year 2020: 1.00.

- Year 2021: 1.00.

For more details, please see the Circular No. 23/2020/TT-BLDTBXH (in force as from February 15, 2021, and regulations of this Circular will be applied as from January 1, 2021).

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