Individual business households actively participate in compulsory social insurance

The Law on Social Insurance (SI) 2024, effective from July 1, 2025, expands the scope of compulsory social insurance participation to many groups of subjects, including individual business owners who register and pay taxes according to the declaration method, except in cases where the business owner is a person receiving a monthly pension or social insurance allowance or has reached the retirement age as prescribed.

City Social Insurance specialists advise and support people on social insurance and health insurance procedures. PHOTO: DUYEN ANH

This is an important new point of the law, allowing registered business owners to participate in compulsory social insurance, instead of only being able to participate in voluntary social insurance as before.

Mr. Le Nho Man, Director of Hoi An Tay Social Insurance (Hoi An Tay Ward) said that in order to deploy and mobilize people to participate in compulsory social insurance, the unit has increased propaganda in many forms, organized conferences in each locality; issued documents to urge and remind individual business households to pay, and has achieved certain results so far.

The unit coordinated with relevant parties to organize conferences to disseminate and popularize laws and insurance policies for business owners. Through advocacy, propaganda, and dissemination of laws, Hoi An Tay Social Insurance ensured that these subjects participated in accordance with regulations.

Expanding the number of participants in social insurance is a correct policy, contributing to improving social welfare, ensuring long-term social security towards the goal of universal social insurance. Business owners participating in compulsory social insurance are entitled to sick leave, maternity leave, retirement and death benefits.

This is not only an obligation but also a right of the business owner. If unfortunately they get sick or ill, the biggest benefit is that when they reach retirement age, the business owner will receive a monthly pension and a free health insurance card, protecting them against the risks of old age illness.

It can be said that the expansion of compulsory social insurance participation for individual business owners is not only a legal change but also an important step in the journey of modernizing and perfecting the social security policy of the Party and State.

Ms. Tran Hong Thuy, a small trader doing business in Hai Chau ward, shared: “After hearing the social insurance officer advise that individual business households are allowed to participate in compulsory social insurance, I am very interested. I wish to pay social insurance so that when I am sick, I will receive financial support, or when I give birth, I will receive maternity benefits, and later when I am old, I will receive a monthly income like a pension, so that I do not have to worry about my children…”.

Regarding the contribution level, the 2024 Social Insurance Law allows business owners to flexibly choose the salary level as the basis for contribution. Specifically, with the current basic salary of VND 2,340,000, the lowest contribution level is about VND 690,300/month. Participants can choose to pay monthly, every 3 months or every 6 months.

Ms. Nguyen Thi Minh, a household plastics business owner at Hoa Cuong wholesale market (Hoa Cuong ward) said: “Participating in compulsory social insurance is very necessary. I think the contribution of more than 600,000 VND/month is not too high compared to my income, so I agree so that when I get old, I can take care of myself. I personally see that there will be certain benefits in the future, so I actively participate.”

Mr. Van Phu Long, Head of the Department of Propaganda and Participant Support, Social Insurance of Da Nang City said: "To implement this issue, the Social Insurance agency in the area has informed each business household. We have worked with the Steering Committee of all wards, at the grassroots Social Insurance, we have coordinated with the People's Committees of wards to deploy the policy to each residential group to ensure that business households understand this policy. At the same time, organize propaganda at common points such as markets, business centers; implement compulsory social insurance collection for business establishments, individual business households to ensure social security, aiming at the goal of all people, all workers having a pension regime when they retire".

Source: https://baodanang.vn/ho-kinh-doanh-ca-the-tich-cuc-tham-gia-bao-hiem-xa-hoi-bat-buoc-3314206.html