Analyst’s Pick Võ Trí Thành* The 14th National Assembly’s 7th meeting session ended last month with the last day reserved for discussing the draft amended Labour Code, which included a proposal to increase the retirement age that received a lot of public attention. In draft amendments, the Ministry of Labour, Invalids and Social Affairs (MoLISA) proposed raising the retirement age to 62 for men and 60 for women with two scenarios. In the first scenario, starting from January 1, 2021, the retirement age will be 60 and three months for men, and 55 and four months for women. An incremental three-month and four-month rise will be added to the retirement age for men and women, respectively, each successive year. In the second scenario, starting from January 1, 2021, the retirement age will be 60 and four months for men, and 55 and six months for women. A four-month and six-month increment will be added to the retirement age each successive … [Read more...] about Retirement age increase inevitable, but more should be done
Working age employed scheme
Workers at Vinsmart's factory in Hai Phong City. — VNS Photo Thanh Hai HCM CITY — Enterprises increasingly appreciate the importance of human resource management and have mapped out human resource development strategies methodically, a seminar heard in HCM City yesterday. Nishant Mahajan, frontier market leader and head of executive remuneration at Mercer Singapore, said export manufacturing continued to be main driver of Việt Nam’s economy but the weakening đồng and limited labour skills were among the challenges faced by companies. They also face challenges caused by technology disruption, according to Mahajan. Employees expect their workplace to “become more flexible in terms of hours worked and location and more focused on employee health and well-being.” They also want to better understand how to grow their careers. According to the Talentnet-Mercer Market Pulse Report released recently, the top reasons for employees … [Read more...] about Seminar discusses creating a strong employer brand in a competitive environment
Carl Lamb, managing director of Almary Green Archant This week, our reader wants to know whether their employer still needs to contribute to their pension if they’ve reached retirement age, and when they should start taking their pension. Carl Lamb of Almary Green responds. MORE: Ask the Expert: I need my pension to top up my income — how do I manage that?Reader question:I’m a bit like the person in last week’s question: I am about to start taking my state pension and am still working part-time earning about £500 a month before tax. My employer is a one-man band and I do all the paperwork including the payroll records. Can you confirm please that I should just stop taking the National Insurance from my pay? Does my employer still have to pay into my work pension now I’ve reached retirement age? I don’t plan to start taking it yet.Almary Green response:There are two halves to this question, so let’s deal with them separately. … [Read more...] about Does my employer still have to contribute to my pension when I’ve reached retirement age?
Bettering new social insurance policy on foreigners, Photo: Shutterstock One of Vietnam’s leading English-language training centres, Apollo Education and Training Organisation (Apollo) has more than 400 foreign teachers working across the country and is one of the most hard-pressed to apply Decree 143. Nguyen Kim Dung, head of Apollo’s Legal, Compliance and Government Relations, told VIR that the procedures to pay insurance after foreign labourers are very complicated and are causing the company concerns. For instance, is examination in public hospitals possible for non-Vietnamese speakers? Does the insurance agency pay for foreign-language prescriptions? And do procedures to get death benefits have to be notarised and translated? “We worry that the complications may undermine the government’s policy on insurance for foreign workers. It is necessary to issue simple and convenient guidelines and procedures for foreign labourers to really enjoy the benefits of … [Read more...] about Bettering new social insurance policy on foreigners
Carl Lamb, managing director of Almary Green Archant Our reader this week is self employed, and wants to know if they need to take out a work, as well as a state, pension scheme? Carl Lamb of Almary Green provides the answers. I’m age 42 and went self-employed in October. I’ve registered to pay National Insurance to make sure I get my stamp for my state pension but do I need to take out a work pension too? I know that company pensions are compulsory now but does that apply to the self-employed?Almary Green Response It’s not compulsory to take out a workplace pension if you are self-employed, so you are not obliged to do so. However, it is really important to think about building a pension pot for your retirement: your state pension will only bring up to around £8,500 per year (based on the maximum entitlement for the current tax year) which is unlikely to meet all your needs in retirement, unless you have already built up a sizeable pension pot while you … [Read more...] about Ask the Expert: I’m self employed, do I need a workplace pension as well as a state pension?