Massively withdrawing social insurance 1 time: Little profit, much harm

Statistics from the Vietnam Social Insurance show that, in just the first three months of this year, nearly 209,000 people withdrew 1 time social insurance. Particularly in Ho Chi Minh City, this number is about 37,000 people, an increase of 1/5 over the same period.

Recorded at 9 am, at Thu Duc City Social Security, a long line of people from the gate to get the order number, in the yard and waiting room were also full.

According to the state management agency, the main reason is that the impact of the COVID-19 epidemic makes workers need money to cover the immediate expenses, besides that they do not understand the social insurance policy properly.

People go to the Ho Chi Minh City Social Insurance Agency to carry out procedures related to social insurance. (Photo: PLO)

When you are young, paying social insurance premiums is an amount to save for the future when you are old, but many people see this as an income after leaving work.

“Everybody’s life has difficulties at times, but I hope employees find other solutions, don’t use the money you save in your old age to spend when you’re young,” said Mr. Director of Ho Chi Minh City Social Insurance said.

According to calculations, with an average life expectancy of 76 years, a female employee from retirement to death, if she receives retirement benefits from the social insurance fund, will receive a total of about 589 million dong, but if she receives One-time social insurance will only be paid about 134 million VND, the disadvantage is 455 million VND.

This has become an urgent issue for not only the social insurance industry, because the pension system is the mainstay of the social security system in any country. Currently, the money to enjoy the pension is massively withdrawn by people once to spend in the immediate future, a few decades later, the burden of security will be very heavy.

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