Vietnam proposes US$1.2 billion COVID-19 relief package
As part of the package, the Ministry of Labour, Invalids and Social Affairs will lower the amount employers have to contribute to the labour accident and occupational disease insurance fund – part of their employees’ compulsory social insurance – expected to be US$161 million over one year.
For companies which had a reduction of 15% or more of employees participating in social insurance compared to April 2021 due to the pandemic, both employees and employer can temporarily stop paying social insurance to the retirement and survivorship fund for six months from the time of their application. About 44,000 businesses and 1.55 million employees will be eligible for this relief of US$495 million.
Around US$130,677 will be budgeted for workers’ training or retraining fees for a maximum of six months.
For the 200,000 workers whose labour contracts are suspended or those taking unpaid leave or laid off but not eligible for unemployment benefits, they will each receive about US$80, Female workers pregnant or raising a child under six years old can get an additional US$43.6.
Support will be given to 30,000 sole proprietors who will each get US$87 per month, costing the government about US$26 million.
The proposal will also provide emergency support funds of US$21.8 million each to Bac Giang and Bac Ninh provinces to support workers with reduced income and to curb the spread of COVID-19.
The ministry has also proposed relief measures costing US$107 million to support about 220,000 workers whose labour contracts had to be terminated, according to Saigon Giai Phong.