Resolution No. 114/NQ-CP dated July 28th, 2023 of the Government regarding the Government's Session in July 2023 regarding a draft amended Law on Social Insurance

Relating to the draft amended Law on Social Insurance, at the Session in July 2023 the Government agreed in principle to submit to the National Assembly for approval of these issues: Reduction in the minimum period of social insurance payment from 20 years to 15 years; reduction in age entitled to monthly pension from 80 to 75; expansion of group of subjects participating in compulsory social insurance, etc.

In addition, with regard to other issues of the draft Law, the Government requested the Ministry of Labour - Invalids and Social Affairs to assume the prime responsibility for, and coordinate with related agencies in fully absorbing opinions of Government members, perfecting the contents of the draft Law in the manner of:

- Continuing to review relevant legal provisions and remove difficulties in practice, fully evaluate the theoretical basis and grounds to identify issues to be inherited, issues to be supplemented, perfected or improved or issues to be abolished; implement decentralization associated with inspection and supervision activities;

- The issue relating to withdrawal of lump-sum social insurance is quite complicated, greatly effecting socio-economic life, so it is possible to propose 02 options to consult the National Assembly, in which it is necessary to express opinions and bases to select a specific plan and study regulation on practical measures to support and encourage employees to voluntarily reserve period of social insurance participation to enjoy pension instead of receiving lump-sum social insurance benefits.

- Agreeing on the need for support from the state budget to supplement policies, increase benefits, increase attractiveness, attract the people to participate in social insurance to ensure long-term social welfare for the people.