As soon as the Social Insurance Law came into effect (July 1st), Mr. Phu Chi Binh (Buon Ma Thuot ward) went to the Social Insurance and Health Insurance policy guidance and consultation area at the Provincial Public Administration Service Center to learn about the process and procedures for mandatory social insurance participation for business households. Mr. Binh shared: “Previously, I thought social insurance was only for officials, civil servants, and employees working in agencies and businesses. Now, the policy of mandatory social insurance participation has been extended to business owners. I know that from now on, I have to save more money each month to pay for social insurance, but I am very willing because this is a correct policy. Moreover, thinking about having a pension and health insurance will help ease life because no one knows whether their business or income can remain stable forever.”
Ms. Nguyen Thi Thuong, the owner of a women's hair salon in Quang Phu commune, has been participating in voluntary social insurance for over two months. According to her, participating in social insurance is a sound investment for young workers like herself. Currently, she is awaiting guidance from the local social insurance agency to switch from voluntary to mandatory social insurance.
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| Provincial Social Insurance officials guide business households through the process of participating in compulsory social insurance. |
Business owners constitute a large force. They are not only small traders in markets, restaurant owners, and those engaged in traditional crafts, but also individuals who create their own jobs and contribute to the national budget through taxes and fees. Therefore, expanding mandatory social insurance to this group is a necessary and correct step. No one can remain healthy forever to work throughout their lives; nor can anyone know if their business will always be prosperous and long-lasting, and illness, disease, or accidents may occur at any time. Therefore, the savings from participating in social insurance will serve as a safety net during times of misfortune or old age when the ability to work is no longer sufficient.
According to the new regulations, individual business owners (whether or not they employ workers) with business registration must participate in mandatory social insurance. The monthly contribution is 25% of the salary; of which 22% goes to the retirement and death benefit fund, and the remaining 3% goes to the sickness and maternity fund. Business owners can choose their salary as the basis for mandatory social insurance contributions, but the minimum contribution must be equal to the reference level and the maximum must be 20 times the reference level at the time of contribution. They can also choose to pay monthly, quarterly, or semi-annually depending on their needs. Thus, with the current reference level of VND 2,340,000, the minimum contribution a business owner can make is VND 585,000/month, and the maximum contribution is VND 11,700,000/month.
According to Phan Huu Toan, Director of the Quang Phu branch of the Social Insurance agency, business owners are a very large and potentially lucrative group. Therefore, as soon as the 2024 Social Insurance Law came into effect, the local Social Insurance agency proactively coordinated with tax authorities and local governments to review registered businesses and disseminate information about the policy so that people understand the long-term significance of participating in social insurance.
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| Ms. Nguyen Thi Thuong from Quang Phu commune (on the right) is learning about the mandatory social insurance policy. |
Expanding the scope of participation will help increase the number of contributors to the social insurance fund, thereby increasing revenue and ensuring the fund's long-term sustainability. This is crucial to ensuring full and timely payment of benefits to workers in the future. Furthermore, this policy is also an effective way to raise community awareness of the role and benefits of social insurance. When business owners participate in mandatory social insurance, they are not only guaranteed benefits such as retirement, health insurance, unemployment insurance, etc., but also become inspirational figures, encouraging other informal labor groups to participate in voluntary social insurance, gradually moving towards the goal of universal coverage.
It can be said that expanding mandatory social insurance to include business owners is a step in the right direction towards universal social insurance. For this policy to truly be implemented, in addition to the determination of the authorities, it requires the involvement of mass organizations, local governments, and especially the proactive participation of the business owners themselves who are directly responsible for their own livelihoods.
| Expanding the scope of mandatory social insurance to include business owners is considered a necessary decision and a step in the right direction towards universal social insurance. For the first time, this group of informal workers, who make a significant contribution to the economy, is placed within the state's mandatory social security network. |
Source: https://baodaklak.vn/xa-hoi/202508/mo-rong-luoi-an-sinh-9fb1a43/
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