People who withdraw social insurance once will receive price inflation compensation from February 15

Mr. Vinh quit his job at the beginning of 2023. On February 5, he received a decision to enjoy one-time social insurance with an amount of more than 28 million VND for 34 months of participating in social insurance with an average salary of nearly 4,000 VND. 8 million VND/month.

Looking at the calculation table of one-time social insurance benefits, Mr. Vinh saw that his months of social insurance participation all had a coefficient of 1, so he wondered: This amount of mine has been calculated using the coefficient of 1. Is the price slipping or not? If not, when will I receive it?”.

People who withdraw social insurance once will receive price inflation compensation from February 15

According to Ho Chi Minh City Social Insurance, one-time social insurance money is determined according to the time of social insurance payment and the average monthly salary/income paid for social insurance of the employee. The employee’s monthly salary/income paid for social insurance is the absolute amount but is multiplied by the salary adjustment and monthly income paid for social insurance (also known as the inflation coefficient) to compensate for the loss. price of currency over time.

When adding the price inflation coefficient at the time of procedures for withdrawing one-time social insurance, the average monthly salary/income paid for social insurance of the employee will be higher than the actual money as a basis for participating in social insurance that they have paid.

Every year, the Ministry of Labor, War Invalids and Social Affairs issues a new circular regulating the adjustment of salary and monthly income. social insurance payment.

The adjustment level of salary and monthly income for which social insurance has been paid in 2024 is prescribed in Circular 20/2023/TT-BLDTBXH issued on December 29, 2023.</p >

The above adjustment level is applied to cases of calculating one-time social insurance pension and one-time death benefit… during the period from January 1, 2024 to December 31, 2024.

< p>However, Circular 20/2023/TT-BLDTBXH takes effect from February 15. Therefore, in cases where applications for one-time social insurance benefits are processed from January 1 to February 15, the price inflation coefficient has not been calculated because the 2023 adjustment has expired and the 2024 adjustment has expired. The provisions in Circular 20/2023/TT-BLDTBXH have not yet taken effect.

From February 15, when Circular 20/2023/TT-BLDTBXH takes effect, the social insurance agency will Additional payment of the difference after calculating the price inflation coefficient for social insurance beneficiaries one time during the period from January 1 to February 15. This amount of money is often called inflation compensation by employees.

For employees who carry out procedures to enjoy one-time social insurance benefits from February 15, after the social insurance agency receives an official dispatch instructing the application Using the 2024 depreciation coefficient, the one-time social insurance withdrawal amount will be calculated with an additional depreciation coefficient. There is no need to pay additional depreciation money as in cases of withdrawal during the period from January 1, 2024 to January 31, 2024. December 2024.

So in Mr. Vinh’s case, the price inflation coefficient has not yet been calculated. After there is an official dispatch instructing the application of the price inflation coefficient in 2024, the social insurance agency will additionally pay the difference after calculating the price inflation coefficient for Mr. Vinh.

According to the Notice Circular 20/2023/TT-BLDTBXH adjusts the salary paid for social insurance as a basis for calculating pensions for participants of compulsory social insurance as follows.

People who withdraw social insurance once will receive price inflation compensation from February 15

And for people Participating in voluntary social insurance, the monthly income adjustment for social insurance payment to serve as a basis for pension calculation is as follows.

Interested readers can follow the details of salary adjustment and monthly income for which social insurance has been paid. stipulated in Circular 20/2023/TT-BLDTBXH HERE.