I. Legal basis

Circular No. 59/2015/TT-BLDTBXH 

Law on Social Insurance 2014

II. How long after quitting work, the employee can receive lump-sum social insurance? 

According to regulations, employees must participate in compulsory social insurance after 1 year of quitting their jobs and less than 20 years of paying social insurance. 

In addition, cases are entitled to lump-sum social insurance immediately without waiting:

• The employee has reached the pension age but has not yet paid social insurance for 20 years.
• Female employees are full-time or non-full-time workers in communes, wards or townships participating in social insurance. At the same time, when quitting work, this person has not completed 15 years of paying social insurance and does not continue to participate in voluntary social insurance;
• The employee goes abroad to settle;
• The employee is suffering from one of the serious, life-threatening diseases;
•  Employees who quit their jobs are not eligible for pensions and are subjects such as officers, non-commissioned officers, cadets who have forgotten their teams, police, etc. 

The time to settle lump-sum social insurance is maximum after 10 days, from the date of receipt of complete dossiers of lump-sum social insurance beneficiaries.

III. The lump-sum social insurance benefit

The lump-sum social insurance benefit is regulated as the following:

• Participating years before 2014: apply a factor of 1.5 multiplied by the average monthly salary paid for social insurance.
• Participating years after 2014: apply a factor of 2 multiplied by the average monthly salary paid for social insurance. 
• In case the employee has not paid for 1 full year, the benefit level is equal to the amount paid. However, the maximum will be equal to 02 months of the average monthly salary paid for social insurance.

The lump-sum social insurance benefit will not include the amount supported by the Government to pay voluntary social insurance, except for cases where the employee is suffering from one of the life-threatening diseases. 

IV. Dossier of application for lump-sum social insurance payment

Dossier requesting one-time social insurance payment includes:

• Social insurance book. 
• An employee’s application for lump-sum social insurance. 
• For those who go abroad to settle, they must additionally submit a copy of the certificate of relinquishment of Vietnamese nationality or a certified or notarized Vietnamese translation of one of the following documents:
  • Passport issued by a foreign country;
  • A visa issued by a competent foreign authority confirming permission to enter on the grounds of settling abroad;
  • Documents confirming that they are carrying out procedures for naturalization of foreign citizenship; Confirmation documents or permanent residence or residence cards with a validity of 05 years or more issued by a competent foreign agency;
  • Extract copies of medical records.

V. About Us, Hankuk Law Firm

■ Hankuk Law Firm – Introduction

The goal of the legal services provided by HANKUK LAW FIRM is to support businesses, investors, and people. Our organization employs skilled Korean lawyers, partners, and professionals to provide legal services to businesses related to corporations and litigation.

To support the startup process, our lawyers and staff provide a wide range of services, including business law consulting, tax and immigration law consulting, real estate services, business consulting, marketing and communications, human resources, product distribution, franchise options, etc. We provide expert advice on every aspect of your business needs.

To protect the legitimate rights and interests of our clients and achieve the best results, we provide legal advice and participate in civil lawsuits related to business, labor, marriage, family, and inheritance.

■ Contact us now

For reliable and effective legal advice, please contact HANKUK LAW FIRM now. We are committed to providing you with the best possible answers and our team of experienced lawyers has extensive knowledge in many legal fields. We are always here to provide the most competent and dedicated support, whether you are dealing with contractual issues, commercial disputes or need guidance on foreign investment. HANKUK LAW FIRM is honored to have assisted hundreds of domestic and international clients in skillfully resolving complex legal issues as their trusted legal partner. Do not let legal issues hinder your success. Let us accompany you towards legal achievement and comfort. For prompt guidance and support to ensure your rights are always maintained at the highest standards, contact HANKUK LAW FIRM now.

■ Contact Hankuk Law Firm:

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