Workshop shares experiences in ensuring sustainable social insurance
Experiences in maintaining sustainable social insurance amidst the aging population were shared by experts and managers at a workshop hosted by the Vietnam Social Security (VSS) in Hanoi on March 6.
Giving health care checkups to the elderly (Photo: VNA)
Hanoi (VNA) – Experiences in maintaining sustainable social insuranceamidst the aging population were shared by experts and managers at a workshophosted by the Vietnam Social Security (VSS) in Hanoi on March 6.
According to VSS General Director Nguyen Thi Minh, the ratio of peoplefrom 60 years old upwards accounted for 10.2 percent of total population in2014, pushing the country into the period of old population three years earlierthan prediction.
Acknowledging the issue, Vietnam has issued the Law on the Elderly, anational action programme on the elderly and many other policies, along withadjustments in social welfare to meet the demand of the elderly, she said.
Minh stressed the need to learn experiences from other countries tobuild a sustainable retirement policy and a brighter future for the elderly inVietnam, a country with low income and the highest population aging speed inthe world.
Nguyen Khang, Deputy Director of the VSS’s Department of InternationalCooperation, noted that Vietnam has faced many challenges in employment andlabour, along with poor social welfare system. The income gap between thosewith the lowest and highest income remains high, at 500 times, while only amodest number of 13.9 million people have joined social insurance, he said.
Khang also warned that the social insurance fund is facing a risk ofimbalance in 2035.
Julian Adams from the insurance firm Prudential underlined the need forstronger cooperation between the Government, enterprises and the public.
Meanwhile, Josef Pilger from Ernst & Young Group recommended thatVietnam should study the social situation carefully in designing pension policyreform measures as well as retirement policies and social welfares.
Participants at the event also pointed to the need to expand thesubjects of social insurance, including labourers in informal sector and womenemployers, along with the adjustment of policy to ensure social insurancefund’s balance and the strengthening of efficiency of the investment of thefund.-VNA
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Giving health care checkups to the elderly (Photo: VNA) 
