Social insurance collects 320,000 billion/year, how much is spent?

Compulsory social insurance revenue in 2023 is more than 320,000 billion VND, voluntary social insurance revenue is about 8,200 billion VND, while the amount spent on people and organizations paying insurance is about 232,500 billion VND.

People do social insurance procedures in Ho Chi Minh City - Photo: HUU HANH

Information provided by the Government in the report on the implementation of policies and regimes insurance Social insurance fund management and use in 2023 has just been sent to the National Assembly.

Pension expenditure 155,300 billion VND/year

Accordingly, the number of people participating in compulsory social insurance nationwide by the end of 2023 is about 16.5 million people, an increase of about 0.46 million people compared to 2022.

Same period, number of units (employers) participate in compulsory social insurance about 625,000 units, an increase of more than 5,000 units compared to 2022.

Compulsory social insurance revenue in 2023 according to Government data is about 320,000 billion VND, an increase of about 21,800 billion VND.

Of which, the sickness and maternity fund is about 37,700 billion VND, the occupational accident and disease insurance fund is more than 5,800 billion VND, the pension and death fund is more than 277,100 billion VND.

The average salary for social insurance contributions in 2023 of employees is about 6.05 million VND/month, an increase of 5.68% compared to 2022.

Amount of late payment of social insurance 2023 about 8,200 billion VND, late payment interest about 3,700 billion VND.

Also according to the Government's report, in 2023, Social Insurance paid social insurance from the state budget for about 1.09 million people, with a total expenditure of about 47,500 billion VND, an increase of 1.89% compared to 2022.

In addition, expenditures from the social insurance fund are as follows: the pension and death benefit fund pays pensions to 2.3 million people, the amount spent is about 155,300 billion VND, health insurance payments for pensioners, receiving monthly social insurance benefits are more than 6,800 billion VND, and the amount paid for one-time benefits is nearly 58,400 billion VND.

In 2023, the occupational accident and disease insurance fund paid about 800 billion VND to 57,000 people, and the sickness and maternity fund paid about 28,700 billion VND to 8.89 million people.

For voluntary social insurance, according to the report of Government In 2023, there will be 1.92 million participants, with total voluntary social insurance revenue of about 8,200 billion VND.

The income level for voluntary social insurance is about 2.21 million VND/month. The total amount of state budget spent to support voluntary social insurance participants in the year is about 600 billion VND.

Unemployment insurance revenue in 2023 reached more than 20,000 billion VND, while in 2023, about 1.1 million people applied for unemployment benefits, of which 1.07 million people had decisions to receive unemployment benefits.

Source