Faro Vietnam would like to update you on the followings:
The Government has just issued Decree 58/2020/ND-CP stipulating the level of compulsory social insurance (SI) contribution to the Labor Accident and Occupational Disease Insurance Funds. Accordingly, the employer has to contribute the monthly Labor Accident and Occupational Disease Insurance premiums to employees, except domestic workers under one of the following levels:
- The contribution rate at 0.5% of the salary fund as a basis for the payment to social insurance premiums. It is also applicable to employees who are cadres, civil servants, public employees and people of the armed forces of Party, State, socio-political organizations, the military, police and units. public career using the state budget;
- The contribution rate at 0.3% of the salary fund as a basis for the payment to social insurance premiums is applied to enterprises operating in industries with high risk of labor accident and occupational diseases if they meet the following conditions:
1. Within 03 years up to proposal time not to be sanctioned for administrative violations handling, not to be brought into account of violating the legislation on occupational safety, sanitation and insurance society;
2. Make periodic reports on labor accidents, occupational safety and health accurately, fully and on time within 3 years preceding the year of proposal;
3. The frequency of occupational accidents of the year preceding the proposed year must be reduced by 15% or more compared with the average frequency of occupational accidents of the 3 years preceding the proposed year or leaving no occupational accidents occurring 3 years preceding the proposed year.
This Decree takes effect from July 15, 2020.
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