**What is Social Insurance?**
Social Insurance, or SI, is an important social welfare policy managed by the state to protect employees and citizens in cases of sickness, maternity, work-related accidents, old age, or unemployment.
**Types of Social Insurance in Vietnam**
– **Compulsory SI:** This applies to employees with labor contracts of one month or more and includes the following regimes: sickness, maternity, work-related accidents and occupational diseases, retirement, and death.
– **Voluntary SI:** This is for employees who are not subject to compulsory SI. They can choose to pay contributions to enjoy retirement and death benefits.
– **Unemployment Insurance (UI):** Financial support, vocational training, and job referrals are provided in case of unemployment.
**Benefits of Participating in SI**
– Sickness, maternity, and work-related accident allowances are provided.
– Retirement pension is granted when the participant reaches retirement age and has contributed to SI for a sufficient period.
– Support is offered to the dependents of a deceased employee.
**Can you withdraw 500 million VND from SI if you have participated for 5 years or more?**
Recently, there have been rumors that if you participate in SI for 5 years or more, you can withdraw up to 500 million VND in a one-time insurance payout. Let’s explore the validity of this claim!
To answer this question, let’s use the example of Ms. Hoang Thi Oanh, who participated in SI from January 2021 to December 2024:
– From January 2021 to December 2021: Salary of 5,000,000 VND/month
– From January 2022 to December 2022: Salary of 5,500,000 VND/month
– January 2023 to December 2023: Salary of 5,500,000 VND/month
– January 2024 to December 2024: Salary of 6,000,000 VND/month
The one-time SI benefit that Ms. Oanh can receive is calculated as follows:
**Period of SI Participation: 4 years**
Average monthly salary for SI contribution calculation:
– January 2021 to December 2021: 12 months x 5,000,000 VND x 1.07 = 64,200,000 VND
– January 2022 to December 2022: 12 months x 5,500,000 VND x 1.03 = 67,980,000 VND
– January 2023 to December 2023: 12 months x 5,500,000 VND x 1.03 = 67,980,000 VND
– January 2024 to December 2024: 12 months x 6,000,000 VND x 1 = 72,000,000 VND
Total SI contribution = 64,200,000 + 67,980,000 + 67,980,000 + 72,000,000 = 272,000,000 VND
Average monthly salary for SI contribution = Total amount / Total months = 5,666,666 VND
One-time SI benefit for contributions made from 2014 onwards:
5,666,666 x 4 x 2 = 45,328,000 VND
**Conclusion: Ms. Oanh’s one-time SI benefit = 45,328,000 VND**
Thus, the rumor that participating in SI for 5 years or more will result in a one-time withdrawal of up to 500 million VND is inaccurate. The actual amount depends on the individual’s salary during their SI participation period. The higher the salary, the higher the one-time insurance payout will be.
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