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  • Term:
    Term: min 92 days, max 183 days
  • Loan limit:
    Loan limit: 100 000 - 5 000 000 VND
  • Interest rate:
    Interest rate: 10,95 - 14,6 %/per annum

Is there a way to withdraw social insurance money quickly and easily, receive money immediately? What are the conditions, processes and procedures for withdrawing social insurance? Find out the article now!

Instead of waiting for retirement age, many workers now register to withdraw social insurance once. However, not everyone is clear on how to withdraw social insurance. 

Enjoying a one-time social insurance premium is the need of many workers today, when they are unable to continue paying social insurance premiums. So what are the conditions, calculation methods, and documents and procedures for receiving one-time social insurance ? Please refer to today's article of CashBerry !

What is social insurance (social insurance)?

According to the Law on Social Insurance 2014, Social insurance is “the guarantee of replacing or partially compensating an employee's income when his/her income is reduced or lost due to illness, maternity, or accident. labor accident, occupational disease, the end of working age or death, on the basis of contributions to the social insurance fund.”

Social insurance is one of the important social policies of the State to ensure replacement or risk sharing from funds to protect workers when they lose their ability to work.

How to calculate the one-time social insurance benefit?

According to Clause 2, Article 8 of Decree 115/2015/ND-CP stipulating how to calculate one-time social insurance based on the number of years of paying social insurance premiums, each year is calculated by:

●    1.5 months the average monthly salary on which social insurance premiums are based for the years of payment before 2014.

●    02 months the average monthly salary on which social insurance premiums are based for the years of payment from 2014 onwards.

First of all, you need to determine how much your monthly salary to pay social insurance is and then apply the formula to calculate the social insurance payment to determine the amount you are entitled to.

First of all, you need to determine how much your monthly salary to pay social insurance is and then apply the formula to calculate the social insurance payment to determine the amount you are entitled to.

Therefore, according to Article 19 of Circular 59/2015/TT-BLDTBXH, the one-time social insurance premium is determined by the formula:

Benefit rate = (1.5 x MBQTL x Time of paying social insurance premiums before 2014) + (2 x MBQTL x Time of paying social insurance premiums after 2014)

In there:

●    The period of payment of social insurance premiums with odd months, from 01 - 06 months is counted as half a year, from 07 - 11 months is counted as 01 year.

●    If before January 1, 2014, if the period of payment of social insurance premium has odd months, those odd months will be changed to the period of payment of social insurance from January 1, 2014 onwards.

MBQTL: is the average monthly salary on which social insurance premiums are based.

MBQTL = (Number of months of paying social insurance premiums x Salary of paying social insurance premiums x Annual adjustment rate) Total number of months of paying social insurance premiums

The adjustment of the monthly salary on which social insurance premiums are based of employees applied from January 1, 2021 to the end of December 31, 2021 is as follows:

Year

Before 1995

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Adjustment level

5.01

4.25

4.02

3.89

3.61

3.46

3.52

3.53

3.40

3.29

3.06

2.82

2.62

2.42

Five

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Adjustment level

1.97

1.84

1.69

1.42

1.30

1.22

1.18

1.17

1.14

1.10

1.06

1.03

1.00

1.0

Note: The one-time social insurance allowance for employees who have paid social insurance premiums for less than one year is calculated as 22% of the monthly salary for which social insurance has been paid. The maximum level is equal to 2 months of the average monthly salary on which social insurance premiums are based.

For example: Mr. A works from January 2017 to February 2021, there are 2 periods of payment of social insurance with the corresponding salary of 5,000,000 VND from January 2017 to February 2019 and 5,200,000 VND for the period from January 2017 to February 2021. 03/2019 - 02/2021 then calculate:

- His total period of participation in social insurance is 04 years and 02 months (rounded to 4.5 years).

- The time of being eligible to submit a dossier for one-time social insurance benefits is from March 2021. If in 2021, you carry out the procedures to receive one-time social insurance benefits, you will receive:

Average salary = {(12 x 5,000,000 x 1.1) + (12 x 5,000,000 x 1.06) + (2 x 5,000,000 x 1.03) + (10 x 5.200.000 x 1 ,03) + (12 x 5.200.000 x 1) + (2 x 5.200.000 x 1)} : 50 = 5,325,000 VND

The one-time social insurance benefit = 2 x 5,325,000 VND x 4.5 = 47,926,800 VND.

Instructions on how to withdraw social insurance money

With its own characteristics, social insurance has practical significance not only for employees but also for socio-economic development. Below CashBerry would like to share how to withdraw social insurance you can apply

Conditions for enjoying one-time social insurance

The employee may request a lump- sum withdrawal of social insurance in one of the following cases:

●    Having reached the retirement age but have not yet paid full 20 years of social insurance contributions.

●    Female employees working full-time or part-time in communes, wards and townships have reached the retirement age but have not paid social insurance premiums for less than 15 years when they retire and do not continue to participate in voluntary social insurance.

●    Going abroad to settle down.

●    Suffering from one of life-threatening diseases such as cancer, polio, cirrhosis of the liver ascites, leprosy, severe tuberculosis, HIV infection that has progressed to AIDS and other diseases as prescribed by the Ministry of Health.

●    Police and soldiers, when discharged from the army, quit their jobs but are not eligible for pension.

●    After 1 year of leaving work or after 1 year of not continuing to participate in voluntary social insurance, less than 20 years of paying social insurance premiums.

Dossier to withdraw social insurance

According to Article 109 of the Law on Social Insurance 2014, a dossier of one-time social insurance withdrawal includes:

- Social insurance book.

- One-time application for social insurance benefits.

- For a person suffering from a life-threatening illness, a copy of the medical record certified by a doctor is required.

- For people going abroad to settle down, there must be a notarized or authenticated copy of one of the following papers:

●    Certificate of competent authority on renunciation of Vietnamese nationality.

●    Passport issued by a foreign country.

●    Visas (documents) issued by a competent foreign agency certifying entry permission for the reason of living abroad.

●    Proof of being in the process of obtaining foreign citizenship.

●    Confirmation paper or permanent residence card with a term of 5 years or more, issued by a competent foreign agency.

Note: Foreign language documents must be translated into Vietnamese and fully notarized and authenticated.

Procedures for withdrawing social insurance

After fully understanding and preparing the entitlement documents, the employee will carry out the procedures to receive one-time social insurance as follows:

The order of execution

●    Step 1: The employee prepares and submits a dossier according to regulations and corresponding to his/her case, then submits it to the social insurance agency where he/she resides.

●    Step 2: The social insurance agency receives the dossier, checks whether the dossier is valid or not and settles it according to regulations.

●    Step 3: Employees receive settlement results from the social insurance agency, including: Decision on one-time social insurance enjoyment; a copy of the social insurance payment process; subsidy.

Note: In case the employee is not entitled to receive social insurance, the social insurance agency must send a notice and clearly state the reason.

How to perform

(1) Submit application

The employee submits the application in one of the following forms:

●    Submit via electronic transaction: The employee registers to receive the authentication code and sends an electronic dossier to the Vietnam Social Insurance Portal. paper to the social insurance agency through the public postal service.

●    Submit by public postal service.

●    Pay directly at the social insurance agency where you live.

(2) Get the result:

After submitting the application to the social insurance agency, the employee will receive a document and allowance if the application is valid, including:

- Relevant documents: in the registered form (directly at the social insurance agency or through the public postal service or via electronic transactions);

- Subsidy:

+ Directly at the social insurance agency or through the public postal service or through a personal account;

+ In case of authorizing another person to receive the payment on behalf of another person, comply with the provisions of the procedure "authorization to receive social insurance and unemployment benefits on behalf of" or the original of the authorization contract as prescribed by law.

Processing time for withdrawal of social insurance

How long does it take to withdraw social insurance ?

According to Clause 4, Article 110 of the Law on Social Insurance 2014 stated:

Within 20 days from the date of receipt of a complete dossier as prescribed for pensioners or within 10 days from the date of receipt of a complete dossier as prescribed in the case of a lump-sum social insurance allowance , the social insurance agency is responsible for settling and organizing payments for employees; in case of not being resolved, it must reply in writing and clearly state the reason."

Thus, within 10 days from the date of receiving complete dossiers of persons eligible for lump-sum social insurance benefits, the social insurance agency will settle and organize the payment of insurance for employees.

Where to receive one-time social insurance

In order to enjoy one-time social insurance, the person wishing to submit a dossier at the district social insurance agency or the provincial social insurance agency (in case the social insurance agency is decentralized to receive one-time social insurance benefits) at the place of residence (the place of regular registration) residence or temporary residence).

Social insurance is one of the long-term social security policies, so, except for force majeure cases, participants should consider withdrawing social insurance once to ensure their future life. 

Participating in social insurance is a solution that both protects the safety of human life and ensures financial security when employees run out of working capacity. But today, for a number of reasons, the one-time withdrawal of social insurance is an option many employees are thinking about.

However, if you do it this way, you will have to suffer a lot of disadvantages in the future, not getting a pension when you get old. At the same time, in order to withdraw social insurance money, you must meet the conditions for withdrawing money, reviewing documents, ... it will take a long time.

However, instead of waiting for a long time, you can use CashBerry's online loan app to get money quickly. With a simple procedure, just need ID card/CCCD, you can get a loan from 1-10 million in the same day.

CashBerry - 24/7 fast money lending service

CashBerry - 24/7 fast money lending service

Above are information to guide you how to withdraw social insurance. Besides, if you need money urgently, you can visit the website cashberry.vn or download the CashBerry app for immediate financial support.

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