On Nov. 6, VIE VSS said VIE GVT issued decree regarding insurance.
VIE VSS said VIE GVT issued decree outlining regs on voluntary occupational accident insurance for workers not covered by labor contracts; for workers aged 15 and over.
Details of Decree
Provides 2 main benefits: work capacity assessments, accident insurance allowances.
Workers are eligible if they suffer work capacity reduction of 5% or more due to accident, excluding cases caused by personal conflicts, self-harm, or illegal drug use.
Lump-sum payments start at 3 times region IV minimum wage for a 5% reduction, with additional amounts for greater reductions and longer contribution periods.
Additional allowances are based on years of contribution; dependents of workers who die due to occupational accidents receive 1-time benefit of 31.5 times minimum wage.
Each accident is compensated separately; benefits are not cumulative; reassessment results showing increased work capacity reduction qualify for additional compensation.
Effectiveness
The decree is effective from Jan. 1, 2025.
Nov. 7, 2024 Additional Comments
On Nov. 7, 2024, VIE VSS published another press release regarding the decree above.
Contributions can be made every 6 months (6% of region IV's minimum wage) or every 12 months (12% of minimum wage), with minimum wage set at VND 3.45mn /month.
Initial contributions must be made upon registration, with subsequent payments due within 10 days before the end of the cycle or immediately upon re-registering.
VIE GVT provides financial support of 30% for workers from poor rural households, 25% for those from near-poor rural households, as well as 10% for others.
Regulators
VIE VSS
Entity Types
Corp; Ins
Reference
PR 11/7/2024; PR 11/6/2024; Dec 143/2024/ND-CP, 11/1/2024;
