Photo for illustration. Source: vinacorp.vn.
The Ministry of Labour, War Invalids and Social Welfare (MoLISA) and French insurer Malakoff Médéric held a seminar on setting up a supplementary retirement fund in Vietnam in Hanoi on June 21.
According to MoLISA’s Deputy Minister Pham Minh Huan, the Law on Social Insurance is the legal foundation for the introduction of social insurance in Vietnam, for workers who take part in social insurance schemes and enjoy pensions.
However, he said, the average pension for retired workers is still low, at three million VND (about 142 USD) per month, while workers who used to work for big groups or corporations are not benefited from the supplementary retirement fund as there was no such a fund in Vietnam.
According to experts from Malakoff Médéric, the supplementary retirement fund helps to improve the current level of pensions for workers.
The participants said that setting up the fund in Vietnam needs to match the financial capacity of each enterprise and be in line with other policies of the enterprise.
The establishment of the supplement retirement fund in Vietnam is expected to be implemented in three phases, from 2012 to 2015, from 2015 to 2020 and after 2020.