Guidance On Suspension Of Social Insurance Contributions By Entities Affected By Covid-19

09 Apr Guidance On Suspension Of Social Insurance Contributions By Entities Affected By Covid-19

On March 17, 2020, Social Security Administration of Vietnam issued Official letter No. 860/BHXH-BT providing guidance on the suspension of social insurance contributions by entities affected by COVID-19.

Suspension of social insurance | COVID-19 in Vietnam latest news

Suspension of social insurance contributions (pension and death benefit funds) by entities affected by COVID-19 until the end of June or December 2020 without charging late payment interest, only applied for enterprises that operate in passenger transport, hospitality, food and drink, and other business lines affected by the pandemic and:

• Have to lay off employees, including at least 50% of the total number of employees who have social insurance.
• Or lose more than 50% of total assets.

The Enterprises remain to fully pay contributions to sickness, maternity, occupational accident, occupational disease, health insurance, unemployment insurance.

It means that not all but only for enterprises that operate in some specific industries that directly affected by COVID-19 and shall prove for the damages and loss can be applied the policy of suspension of social insurance contributions.

WHO WE ARE

• VIVA is a business consulting company, specializes in business compliance procedures according to local business laws and regulations since 2006. VIVA has been continuously trusted by thousands of well-known clients since 2006.
• The insights and consistent backgrounds in Business Laws - Accounting and Corporate Finance - Tax Management – Labor Relations and Payroll - Secretarial services help us build trust and confidence in the entrepreneurs’ community.
• We have been successfully providing service for thousands of leading companies from Hong Kong, Japan, US, EU, Singapore, India, China, Korea…. in forms of FDI companies, Foreign representative offices, Foreigner working in Vietnam, Vietnamese SMEs, Chief Operation Officers.
• VIVA's logo is our Brand name, our signature, it states our faith - independence - transparence - and loyalty for client's interest. The signature is commitment and honor on our outstanding expertise and professionalism. It is the symbol of good standing for our clients whenever they are doing business with customers, partners, the local competent state agencies...

Contact Us

Read more about COVID-19 in Vietnam latest news: