The National Assembly Standing Committee (NASC) has largely agreed with the policy to expand the scope of social insurance participation to increase social welfare coverage.
However, for the policy to be effectively implemented, the standing body of the NA emphasizes the need for a thorough impact assessment, clarification of concepts, and improvement of the collection-expenditure mechanism and implementation roadmap to ensure the highest feasibility.
Continuing the 6th session, NASC on September 23 discussed the draft Law amending and supplementing several articles of the Social Insurance Law.
Addressing the necessity of amending the Law, Minister of Home Affairs Nguyen Tien Hai stated that after more than a year of implementing the 2024 Social Insurance Law, most regulations have been effectively put into practice. However, there remain some legal gaps and inconsistencies that do not motivate the development of participants and the mobilization of investment resources for the Social Insurance Fund.
Therefore, amending and supplementing the Law is necessary to ensure alignment with current realities. The amendments aim to ensure consistency, simplify administrative procedures for citizens and businesses, provide a legal basis for agencies and organizations in implementing social insurance policies, and motivate the development of additional pension insurance participants.
The draft law only amends and supplements certain provisions on regimes and policies to ensure consistency across the Law on Social Insurance, provide a legal foundation for authorities during implementation, and govern the investment of the Social Insurance Fund to unleash resources and enhance investment efficiency.
Balancing Social Insurance Fund safety, growth
In her concluding remarks, Vice Chairwoman of the NA Nguyen Thi Thanh emphasized that through discussions, the NASC recommends continuing to review and refine regulations on expanding mandatory social insurance participation; specifically identifying the target groups, criteria, legal basis, practical implementation capacity, and ensuring alignment with labor, employment, and related laws.
The NASC agrees to expand social insurance coverage, while requesting a thorough impact assessment, clearer definitions and scope for the newly covered groups, and the establishment of thresholds, contribution-collection and payout mechanisms, payment-benefit methods, and a feasible implementation roadmap.
Regarding the investment of the Social Insurance Fund, the NASC agreed to expand the fund's investment portfolio, a matter of significant impact directly linked to the fund's safety, capital preservation, and efficiency. Diversifying investment forms aligns with the spirit of Resolution No. 28-NQ/TW.
However, to ensure the principles of safety, efficiency, and sustainability not only in the short term but also over the long run, the Committee requested the drafting agency to coordinate with relevant authorities to continue reviewing and refining the draft.
Under the proposed orientation, the Law should provide principle-based regulations while assigning the Government to stipulate specific conditions and criteria, as well as clearly define eligible entities and the investment portfolio.
State regulatory agencies will supervise to ensure transparency, institute risk-control mechanisms, and clearly define the responsibilities of relevant organizations and individuals, thereby safeguarding the fund's safety, capital preservation, sustainability, and efficiency.
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