Worrying trend of people leaving social security scheme: officialAn increasing number of Vietnamese people have opted to claim a lump-sum social security payment, withdrawing themselves from the national security system as authorities are striving for universal coverage. The cause could be the rising number of social security participants leaving work, with a large rate of them 35-40 years old. Recent surveys by the labour confederation also mentioned the firing of employees above 30 years old, a trend that has worried policymakers and the social security agency. “The withdrawing from social security scheme would adversely and seriously affect the welfare system and benefits,” Quảng saidSocial security officials have warned the public on multiple occasions of the heavy downside of taking the lump-sum payment. However, the lump-sum payment would be based on 2 months’ salary for each year participating in the social security scheme, minus interest rates.

Source: VietNamNet News June 02, 2018 03:00 UTC