Decree No. 134/2008/ND-CP Adjusts the Monthly Income Already Contributed to Social Insurance for Voluntary Social Insurance Participants

DECREE

Adjusting the monthly income already contributed to social insurance for

voluntary social insurance participants

___________

THE GOVERNMENT

Pursuant to the Law on Organization of the Government dated December 25, 2001;

Pursuant to the Social Insurance Law dated June 29, 2006;

Considering the proposal of the Minister of Labor, Invalids and Social Affairs and the Minister of Finance.

DECREE:

Article 1. Adjusting the monthly income already contributed to social insurance to serve as the basis for calculating the average monthly income contribution to social insurance for workers who have made contributions under the voluntary social insurance scheme.

Article 2. The subjects to which this applies are workers participating in voluntary social insurance from January 1, 2008 onwards, and subsequently receiving pension benefits, lump-sum allowances upon retirement, one-time social insurance benefits, or one-time survivor allowances when they die, according to the provisions of the Social Insurance Law on voluntary social insurance.

Article 3.

1. The level of adjustment for the monthly income already contributed to social insurance applicable to the subjects specified in Article 2 of this Decree shall be calculated based on the annual consumer price index published annually by the General Statistics Office under the Ministry of Planning and Investment, and determined by the following formula:

Where:

- t is any year during the adjustment period;

- The level of adjustment for the monthly income already contributed to social insurance in year t is rounded to two decimal places and the lowest value is set at one.

2. For the subjects specified in Article 2 of this Decree, if there is a period of mandatory social insurance contributions based on wages determined by the employer, then the monthly wages and salaries already contributed to social insurance shall be adjusted according to the provisions of Clause 1, Article 3 of Decree No. 83/2008/NĐ-CP dated July 31, 2008 of the Government.

Article 4. The funds for implementing the adjustment of the monthly income already contributed to social insurance to serve as the basis for calculating the average monthly income contribution to social insurance for workers specified in Article 2 of this Decree shall be guaranteed by the social insurance fund.

Article 5.

1. The Ministry of Labor, Invalids and Social Affairs shall provide guidance on the implementation of this Decree.

2. Annually, the Ministry of Labor, Invalids and Social Affairs shall specify in detail the level of adjustment for the monthly income already contributed to social insurance for workers who have made contributions under the voluntary social insurance scheme after obtaining the unified opinion of the Ministry of Finance regarding the level of adjustment for the monthly income already contributed to social insurance calculated according to the provisions of Article 3 of this Decree.

3. The Vietnam Social Security shall organize the implementation of the provisions of this Decree.

Article 6.

1. This Decree takes effect 15 days after its publication in the Official Gazette.

2. The provisions of this Decree shall be implemented from January 1, 2008.

Article 7. The Ministers, Heads of ministerial-level agencies, Heads of government-attached agencies, Chairpersons of provincial People's Committees under the central city shall be responsible for implementing this Decree./.