No risk of insolvency for social insurance fund: officialVietnam Social Security Fund (VSSF) will not go bust by 2025, Deputy General Director of the Vietnam Social Security Dao Viet Anh has said. He said the forecast was made by the International Labour Organisation before the issuance of the Law on Social Insurance in 2014. However, under the new law, the coverage of social insurance has expanded and the methods to calculate premium and payments have changed, which made the previous forecast no longer correct, he further explained. He stressed that the proposal on higher retirement age must take into account various issues like age, the efficiency of human resources use, labour productivity and gender equality, apart from social insurance fund balance. According to MoLISA Minister Dao Ngoc Dung, either of these options, if approved, will be implemented with a planned timeline so that it will not be an immediate change for labourers.-VNA

Source: VietNamNet News May 04, 2018 03:11 UTC