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Policies to support employers & employees in difficulty due to Covid-19 pandemic

On 24 September 2021, the Government issued Resolution No. 116/NQ-CP on policies to support employees and employers affected by the Covid-19 pandemic from the Unemployment Insurance Fund. We would like to highlight some of the salient points of Resolution No. 116/NQ-CP as follows:

PRINCIPLES
Ensure the principle of contribution-based benefits, sharing and fairness;
Policy implementation is placed in the overall balance of the State’s resources, funds and other support sources; and
The support for employees and employers must be given in a simple, timely, public, transparent and effective manner and to eligible beneficiaries.
FINANCIAL AID FOR EMPLOYEES
Eligible people
Employees listed as those participating in Unemployment Insurance until September 30, 2021
Employees whose employment contracts have already been terminated within the period from 1 January 2020 to end of 30 September 2021, and whose UI contribution periods are reserved (except monthly oldage pensioners).
Financial aid amounts

Sources of funds: approximately 30,000 billion dong from surplus of UI Fund until 2020.
Financial aid commences on 1 October 2021 and completed by 31 December 2021 at the latest.

FINANCIAL AID FOR EMPLOYERS – REDUCTION IN CONTRIBUTION RATES TO THE UI FUND
Regulated entities
Employers participate in Unemployment Insurance until 1 October 2021.
The employer’s contribution rate has been reduced from 1% to 0% of the monthly wage fund.
Reduction period: 12 months, from 1 October 2021 to 30 September 2022 inclusive.

If you require further information, please feel free to contact us.

UHY AUDITING AND CONSULTING CO LTD

Nguyen Trung Thanh – Partner

E: thanhnt@uhyvietnam.com.vn

Tran Thi Bo – Director

E: bott@uhyvietnam.com.vn

Phung Thi Oanh –Director

E: oanhpt@uhyvietnam.com.vn

 

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