If the subsidy is increased from 360,000 to 500,000 VND per month and the beneficiary age is reduced from 80 to 75, the state budget is expected to spend 30,000 billion VND in the 2025-2030 period.
The estimated budget is stated by the Ministry of Labor, War Invalids and Social Affairs in the report assessing the impact on the budget and the Social Insurance Fund when supplementing a number of regimes in the amended Law on Social Insurance.
According to the bill, seniors aged 75 and over who do not have a pension or monthly allowance will receive monthly payments from the state budget, along with free health insurance cards. Current regulations require those aged 80 and over to receive the allowance. The level of allowance is determined by the government from time to time, and the state encourages localities to balance their budgets within their capacity and mobilize resources to provide additional support.
A resident group official in front of an alley on Cua Nam Street (Hanoi). Photo: Pham Chieu
If the monthly subsidy level is 360,000 VND as present, the estimated budget for the period 2025-2030 is 20,500 billion VND for subsidy payment and 1,000 billion VND for free health insurance cards. If the subsidy level is increased to 500,000 VND per month, the state budget payment will increase to 30,000 billion VND.
The Ministry of Labor, War Invalids and Social Affairs estimates that 800,000 elderly people will benefit from the policy when the law takes effect in July 2025. It is expected that the country will have 1.24 million elderly people aged 75-80 in 2025, increasing to 1.31 million in 2030.
The bill adds a one-time maternity allowance of VND2 million for workers participating in voluntary social insurance when giving birth. This amount is equal to the amount the state currently supports poor ethnic minority women when giving birth.
The drafting agency estimates that 80,700 children will benefit from the policy by 2025, and 138,000 by 2030. The expected budget for the entire 2025-2030 period is more than VND1,200 billion.
The amended law also adds sickness and maternity benefits to part-time workers in communes, wards and towns. About 88,000 people in this group are paying compulsory social insurance but are only entitled to two pension and death benefits. The State will have to spend the budget to contribute to the Sickness and Maternity Fund to implement the supplementary regime. The estimated cost is about 62 billion VND per year.
With the proposal to add part-time village and residential group workers to the compulsory social insurance scheme, the state budget is expected to pay an additional VND332 billion each year. Thus, the total state budget payment for the 2025-2030 period for the above policy groups is nearly VND24,000 billion, according to calculations by the Ministry of Labor, War Invalids and Social Affairs.
The revised Social Insurance Law Project is expected to be discussed by the National Assembly at the session at the end of October, approved at the session in May 2024 and take effect from July 1, 2025.
In addition to reducing the number of years of pension payment, the Government submitted to the National Assembly two options for one-time social insurance payment; proposed to put about 3 million people in 5 labor groups into compulsory payment; supplemented maternity allowance of 2 million VND for voluntary social insurance participants; lowered the age of receiving social pension benefits to 75 instead of 80 as currently; and provided monthly allowances for workers who are old enough to retire before 75 years old but have not paid social insurance for enough time.
Phuong Ha
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