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Challenges Arise When Foreign Employees Attempt to Withdraw Their Lump-Sum Social Insurance in Vietnam

posted 12 months ago

Foreign employees who wish to withdraw their lump-sum social insurance in Vietnam may encounter several problems.

1. Vietnam’s legal regulations on social insurance benefits for foreign employees

According to Vietnamese laws, including the Law on Social Insurance 2014, Decree 143/2018/ND-CP, and the Law on Health Insurance 2008 (amended 2014), foreign employees working in Vietnam are required to participate in both compulsory social insurance plans, covering retirement and survivorship, sickness and maternity, as well as health insurance.

2. Procedures and benefits when foreign workers beneficiaries

To apply for the benefits for foreigners, a complete dossier should typically contain the following documents:
+ A written request from the employee to receive lump-sum social insurance benefits
+ Their social insurance book
About benefits: Based on Article 9, Clause 7 of Decree No. 143/2018/ND-CP, foreign workers are eligible for the lump-sum social insurance payment at the rate specified in Point b, Clause 2 of Article 60 of the Law on Social Insurance. 

3. Challenges for foreign employees when withdraw their lump-sum social insurance

– The first issue that foreign employees face is the language barrier.
– The second issue is related to the complexity of the process itself. The process of withdrawing in Vietnam is multi-steps and requires the submission of various documents. 
-The third issue is since the compulsory policy came into effect on January 1, 2022, the majority of foreign workers have not been able to complete 12 months of social insurance premium payments yet.

4. Conclusion

In conclusion, foreign employees who wish to withdraw their lump-sum social insurance in Vietnam may face several challenges. These issues include language barriers, the complexity of the process, eligibility criteria, and difficulty in receiving the payment. We recommend that foreign employees seek guidance from their employers or consult a professional service to ensure a smooth process of withdrawing their benefits.
#insurancepolicy #foreignemployee

For the full detail of this post, please reference on this link:

 

http://hmlf.vn/challenges-arise-when-foreign-employees-attempt-to-withdraw-their-lump-sum-social-insurance-in-vietnam/

 

Harley Miller Law Firm “HMLF”
Head office: 14th floor, HM Town building, 412 Nguyen Thi Minh Khai, Ward 05, District 3, Ho Chi Minh City.
Phone number: +84 937215585
Website: hmlf.vn
Email: [email protected] 

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