You want to withdraw social insurance money but do not know how to withdraw properly. Here are useful social insurance withdrawal experiences you should know.
Social insurance is no longer strange to people today. However, not everyone understands social insurance well and knows how to withdraw social insurance money.
Before receiving monthly salary, employees are deducted an amount from their salary to pay social insurance. So what is social insurance really? When can I withdraw social insurance? Here CashBerry will answer your questions!
Social insurance (social insurance) has practical significance not only for employees but also for economic and social development.
In Clause 1, Article 3 of the Law on Social Insurance 2014, social insurance is defined as follows:
Social insurance is a guarantee to replace or partially compensate an employee's income when he or she has a reduction or loss of income due to illness, maternity, work accident, end of working age or death, on the basis of contributions to the social insurance fund.
The State organizes and ensures compliance with the provisions of the legal system on social insurance to ensure the life of the participants. On this basis, in some cases, social insurance participants will be entitled to one-time withdrawal of social insurance.
Pursuant to Article 3 of the 2014 Law on Social Insurance, social insurance includes two types:
● Compulsory social insurance: is a type of social insurance organized by the State that employees and employers must participate in.
● Voluntary social insurance: is a type of social insurance organized by the State in which participants can choose a payment level and payment method suitable to their income. The State has a policy to support social insurance premiums for participants to enjoy the retirement and survivorship regimes.
True to the name of each type, employees and employers will have to participate in compulsory social insurance. With voluntary social insurance, employees can choose to participate or not participate.
* Compulsory social insurance:
Social insurance contributions of employees will be made through the employer. According to Article 86 of the Law on Social Insurance 2014, the employer will pay insurance by the following methods:
● Closed monthly.
● Pay by product or amount: Pay monthly, every 3 months, every 6 months.
* Voluntary social insurance:
Employees can choose one of the following methods:
● Closed monthly
● Pay once every 3 months
● Pay once every 6 months
● Pay every 12 months
● Pay once for many years to come, but not more than once every 5 years
What benefits will employees have when participating in social insurance? All benefits of employees when participating in social insurance are specified, including:
● To participate and enjoy benefits according to the Law on Social Insurance.
● Issuance and management of social insurance books and receive them back when no longer working.
● Receive full pension and benefits upon reaching retirement age.
● To enjoy health insurance in the following cases: Being on pension, taking maternity leave, adopting a child, having a work accident, occupational disease or sickness allowance.
● Take the initiative to go to the doctor for assessment of working capacity decrease and be paid medical assessment costs if eligible for social insurance benefits.
● Authorization to receive pensions and social insurance benefits for others.
● To be provided with information about periodic social insurance payments. To request the employer to provide information on payment and entitlement to social insurance benefits.
● Participants are entitled to make complaints, denunciations and initiate lawsuits against social insurance in accordance with the law.
When an employee signs a labor contract, he/she is entitled to participate in compulsory social insurance. During the process of participating in social insurance, employees who meet the following conditions will be entitled to one-time withdrawal of social insurance:
● The time limit for participating in social insurance to withdraw social insurance as prescribed by law is from 01 month to less than 20 years (except for special cases prescribed by law).
● Employees who have paid social insurance premiums for full 20 years will not be able to withdraw their social insurance once. Except for cases of going abroad to settle down or having a serious illness.
● For employees participating in social insurance for 1, 2 months or less than 1 year, they can still withdraw social insurance once. When withdrawing social insurance money, this subject's enjoyment level is equal to 22% of the salary for participating in compulsory social insurance.
● For employees participating in social insurance for one year or more, they can withdraw the social insurance once when less than 20 years of participation. That is, employees participating in social insurance for 19 years and 11 months are still eligible to withdraw social insurance once.
Thus, the eligibility period to be entitled to one-time social insurance withdrawal is from the time of participation in social insurance until less than 20 years, unless otherwise provided for by law.
The pension and other benefits that employees enjoy when participating in social insurance are a support for their welfare when they reach the end of their working age. However, today the status of one-time social insurance withdrawal is increasing rapidly because of the following reasons:
Difficult life, unemployment, lack of capital, COVID-19 epidemic... many workers face great financial difficulties. Currently, instead of keeping insurance money, employees have chosen to withdraw social insurance money. One out of every two people participating in social insurance is leaving.
Withdrawing social insurance will provide a certain financial source to solve the immediate problem. However, once withdrawn, you will no longer have the opportunity to receive a pension. This will later create many consequences not only for themselves but also for society.
Everyone knows pensions are important to workers when they are no longer able to work. But in the immediate future, the question is how will workers live until they receive their pension?
Beneficiary policy, time to receive pension are lacking flexibility, time for payment and enjoyment is not reasonable. Therefore, they accept to withdraw insurance instead of waiting for retirement age to have capital to invest and take care of themselves quickly.
The one-time social insurance benefit will be calculated based on the number of years of participation in social insurance of the employee and the average monthly salary on which the employee pays social insurance. According to Clause 2, Article 8, Decree 115/2015/ND-CP stipulates the one-time social insurance allowance as follows:
The one-time social insurance benefit is calculated according to the number of years of paying social insurance premiums, for each year is calculated as follows:
● Equal to 1.5 months of the average monthly salary on which social insurance premiums are based for the years of payment before 2014.
● Equal to 02 months of the average monthly salary on which social insurance premiums are based for the years of 2014 onwards.
● In case the period of payment of social insurance premium is less than one year, the social insurance allowance shall be equal to the paid amount, and the maximum level shall be equal to 02 months of the average monthly salary on which social insurance premiums are based.
The one-time social insurance allowance will not include the amount of money the State supports to pay voluntary social insurance premiums, unless the employee is suffering from one of the life-threatening diseases as prescribed by the Ministry of Health. Employees are eligible for one-time social insurance benefits within 30 days up to the time of request for benefits.
The social insurance agency is responsible for settling and organizing payments to employees within 10 days from the date of receipt of complete dossiers as prescribed. In case of failure to settle, it must reply in writing and clearly state the reason.
In the process of withdrawing social insurance money, employees will face many difficulties and problems. CashBerry will synthesize frequently asked questions about social insurance withdrawal to contribute to answering your questions and concerns.
According to the provisions of Article 60 of the Law on Social Insurance 2014 and Article 8 of Decree No. 115/2015/ND-CP, the cases in which one-time social insurance money can be withdrawn include:
1. Employees who reach the retirement age as prescribed in Clauses 1, 2 and 4, Article 54 of the Law on Social Insurance but have not paid social insurance premiums for less than 20 years. Or according to the provisions of Clause 3, Article 54 of the Law on Social Insurance, for less than 15 years of paying social insurance premiums and not continuing to participate in voluntary social insurance.
2. Employees who have not paid enough social insurance premiums for less than 20 years after one year of leave and do not continue to pay social insurance premiums
3. Workers go abroad to settle down.
4. Persons suffering from one of the 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 economic.
Employees who fall into one of the above cases, if needed, have the right to register to withdraw social insurance money.
In case the employee is still working and paying social insurance premiums, is it possible to withdraw the social insurance money once?
Pursuant to the 2006 Law on Social Insurance. Employees specified at Points a, b, c and e, Clause 1, Article 2 of this Law are entitled to one-time social insurance benefits when falling into one of the following cases. :
1. Having reached the retirement age as prescribed in Clause 1, Article 50 of this Law, but have not yet paid full twenty years of paying social insurance premiums
2. Working capacity decrease of 61% or more but less than twenty years of paying social insurance premiums
3. After one year of leaving the job, if they do not continue to pay social insurance premiums and have a request to withdraw the one-time social insurance premium but have not yet paid full twenty years of social insurance payment
4. Going abroad to settle down.
Thus, according to Article 3, in case you are still working and are paying social insurance premiums, you will NOT be able to withdraw your social insurance once.
According to Clause 1, Article 1, Resolution 93/2015/QH13 dated June 22, 2015 stipulating the implementation of the policy of enjoying one-time social insurance benefits for employees as follows:
In case an employee participates in compulsory social insurance after one year of leaving work, the person participating in voluntary social insurance after one year does not continue to pay social insurance premiums but has not paid social insurance for less than 20 years. upon request, they are entitled to receive one-time social insurance.”
Thus, after 1 year of leave, which is counted from the time the employee quits the job, the termination of payment of social insurance is a sufficient condition for you to be able to enjoy a lump-sum social insurance. Currently, the law does not have specific provisions on the time limit for withdrawing social insurance after meeting the conditions. So, after 1 year of leaving work, if you need to withdraw your social insurance once, you can apply at any time according to your actual needs!
Above are CashBerry's shares to help answer questions about social insurance and social insurance withdrawal conditions. Today financial factors play an important role in helping you solve problems. Withdrawing social insurance once can help you solve problems, but it will leave many consequences for you in the future.
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