Chương 3 Nghị định 190/2007/NĐ-CP: Quỹ bảo hiểm xã hội tự nguyện

Chapter III

VOLUNTARY SOCIAL INSURANCE FUND

Article 25. Sources for formation of the voluntary social insurance fund under Article 98 of the Law on Social Insurance

1. Premiums paid by participants in voluntary social insurance according to Article 26 of this Decree.

2. Sums of money transferred from the compulsory social insurance fund for payment according to regulations to persons who have a period of paying compulsory social insurance premiums.

3. Profits from activities of investment from the voluntary social insurance fund.

4. The States supports.

5. Other lawful sources of revenues.

The State encourages organizations and individuals to support payment of premiums by participants in voluntary social insurance or for the sources of the voluntary social insurance fund.

Article 26. Modes and levels of premium payment by participants in voluntary social insurance under Article 100 of the Law on Social Insurance

1. Participants in voluntary social insurance shall register with voluntary social insurance organizations to pay premiums on:

a/ A monthly basis;

b/ A quarterly basis:

c/ A biannual basis.

2. The collection of social insurance premiums is organized in the first half of the period of payment selected by participants in social insurance

3. The monthly premium paid to the voluntary social insurance fund is as follows:

Monthly premium = Percentage of payment of voluntary social insurance premium x Monthly income selected by the participant in voluntary social insurance

In which:

a/ Monthly income selected by the participant in voluntary social insurance = Lmin + m x 50,000 (VND/month)

- Lmin: commom minimum salary;

- m: a whole number3 0.

b/ Percentage of payment of voluntary social insurance premium is stipulated as follows:

- 16% from January 2008 to December 2009;

18% from January 2010 to December 2011;

20% from January 2012 to December 2013;

22% from January 2014 on.

4. Participants in voluntary social insurance may re-register with social insurance organizations the mode of payment or the monthly income level on which social insurance voluntary premiums are based. The re-registration of the mode of payment or the monthly income level may be only made at least 6 months after the first registration.

Article 27. Temporary discontinuation of payment of premiums into the voluntary social insurance fund

1. Participants in voluntary social insurance are considered temporarily discontinuing payment of voluntary social insurance premiums when they discontinue payment of these premiums and make no request for lump-sum social insurance benefit.

2. When those who temporarily discontinue payment of voluntary social insurance premiums wish to resume the payment, they shall re-register with the social insurance fund the mode of payment and the monthly income level on which voluntary social insurance premiums are based. The re-registration may be only made at least three months after the month in which participants in voluntary social insurance temporarily discontinue the payment.

Article 28. Use of the voluntary social insurance fund under Article 99 of the Law on Social Insurance

1. Paying social insurance benefits to participants in voluntary social insurance under the provisions of Chapter II of this Decree.

2. Paying health insurance premiums to persons on retirement pension in accordance with the law on health insurance.

3. Paying management costs.

4. Making investment to preserve and develop the fund according to regulations.

Article 29. Investment activities of the voluntary social insurance fund

1. The Vietnam Social Insurance shall take measures for preserving and developing the voluntary social insurance fund with temporarily idle sums of money. The voluntary social insurance funds investments must be secure, effective and recoverable when necessary.

2. The Management Board of the Vietnam Social Insurance shall decide on investing the voluntary social insurance fund in the following forms:

a/ Buying bonds and bills of the State and state-owned commercial banks;

b/ Providing loans to state-owned banks;

c/ Investing in key national economic projects;

d/ Investing in capital-intensive projects under decisions of the Prime Minister.

Article 30. The voluntary social insurance may practice independent accounting to pay retirement benefits to participants in voluntary social insurance and survivorship allowances to their relatives based on their paid social insurance premiums and period of payment.

The Ministry of Labor, War Invalids and Social Affairs shall assume the prime responsibility for, and coordinate with the Ministry of Finance in, guiding the payment of retirement benefits and survivorship allowances from the voluntary and compulsory social insurance funds to those who have both a period of paying compulsory social insurance premiums and a period of paying voluntary social insurance premiums.

Article 31. Management costs under Article 101 of the Law on Social Insurance

1. Annual voluntary social insurance management costs shall be deducted from the profits derived from the funds investments.

2. Voluntary social insurance management costs are equivalent to management costs of state administrative agencies, including the following:

a/ Regular expenses;

b/ Irregular expenses, including:

Expenses for social insurance books, papers, forms and collection and spending work;

Expenses for overhaul and procurement of fixed assets, scientific research and professional retraining.

3. In the initial years, voluntary social insurance management costs shall be proposed by the Ministry of Finance to the Prime Minister for decision.

Article 32. The voluntary social insurance funds financial activities are subject to the supervision and inspection by the state management agency in charge of finance and the audit by the State Audit Office.