In seeking feedback for the draft Law amending and supplementing certain articles of the Social Insurance Law, the Ministry of Home Affairs has proposed adjusting the supplementary pension policy. This adjustment would permit individuals to participate directly and voluntarily in this scheme, rather than being required to do so through their employers.

The drafting agency presented this proposal amidst the need to mobilize resources for economic development and attract diverse participants to supplementary pension insurance. Many high-income individuals, for example, do not have labor contracts with employers. This also includes cases where individuals were contributing to a supplementary pension but have since left their jobs. Therefore, expanding participation is crucial to contribute to the long-term capital for the Fund's investment activities.

Transaction hours at a bank, 2/2025. Photo: Giang Huy

Transaction hours at a bank, 2/2025. Photo: Giang Huy

Supplementary pension is a voluntary insurance scheme for employers and employees who are already contributing to mandatory social insurance. The program is proactively developed by employers and fund management companies.

Since 10/5, in addition to mandatory social insurance, employees with contracts can voluntarily contribute to supplementary pensions through agreements with their employers and fund management companies. The contribution level is mutually agreed upon by both parties. Supplementary pension funds are permitted to invest to increase their value through government bonds, public debt, bank deposits, and stocks.

The Ministry of Home Affairs reported that supplementary pension fund management companies began establishing in 2021, overseeing seven funds by 2025. The total net asset value reached approximately 2,200 billion dong, marking a 53% increase compared to 2024 and a 26-fold increase since 2021.

The entire supplementary pension system recorded more than 28,500 participants with total assets nearing 2,300 billion dong. The asset structure of the system's funds comprises nearly 50% in government bonds, 8% in cash and cash equivalents, more than 15% in securities investment fund certificates, and 26,6% in receivables from interest and dividends.

Currently, workers past retirement age receive pensions from contributions to the Social Insurance Fund. This is mandatory for contracted workers and voluntary for those in the informal sector. By the end of 2025, the country had more than 21,5 million workers participating in social insurance, covering 45% of the working-age labor force. Of these, more than 19,3 million were in the mandatory sector and 2,2 million in the voluntary sector.

Across the country, 3,4 million people receive pensions and allowances at various levels: more than 11,500 people receive 20 million dong per month or more; nearly 418,500 people receive 10 to under 20 million dong; 1,063 million people receive 6 to under 10 million dong; 1,347 million people receive 3 to under 6 million dong; 144,850 people receive 2,34 to under 3 million dong; and nearly 419,400 people receive under 2,34 million dong, which is equivalent to the basic salary level.

Hong Chieu