Proposed fund contribution break for typhoon-hit businesses

Typhoon Yagi leaves a trail of destruction in its wake in the northern province of Quảng Ninh. — VNA/VNS Photo

HÀ NỘI — The Ministry of Labour, Invalids and Social Affairs (MOLISA) has proposed a temporary relief measure for Typhoon Yagi-hit businesses, allowing them to halt contributions to their pension and death benefit funds.

This move follows a recommendation from Việt Nam Social Security (VSS), which reported that Typhoon Yagi had severely impacted 3,300 tourism businesses in northern Việt Nam, with 93,000 employees on the payroll.

VSS recommended a six-month break from pension and death benefit contributions for the 3,300 businesses, which would save them approximately VNĐ740 billion (US$29 million).

MOLISA generally agreed with the recommendation, proposing the Government grant VSS the authority to determine which business to be temporarily exempted from pension and death benefit contributions, for a period not exceeding 12 months. — VNS