Voluntary Social Insurance Policy in Vietnam

When researching income sources for people who have reached the retirement age in Vietnam, we found that there are 4 basic sources: savings/accumulated funds after their working years, pensions paid by the Social Security agency, income from continued employment, and financial support from their children. Individuals aged 80 and above without a pension will receive monthly social benefits (with a very low allowance amount funded by the State budget). Among these income sources, only pensions are a secure source, ensuring workers' lives when they retire, while other sources are unstable and not easily obtained. However, to receive a pension, employees must meet specific age and social insurance contribution requirements. While compulsory social insurance is not applicable to all workers, voluntary social insurance policy is implemented as a means to ensure income security for those who are not covered by compulsory social insurance when retiring. The article focuses on analyzing the policy and current participation in voluntary social insurance in Vietnam, highlighting limitations and proposing solutions to overcome these constraints.