Voluntary Pension System : Challenge of Expanding Coverage

Since 1947, the Vietnam Social Security (VSS) has provided social insurance to public servants and armed forces personnel in Vietnam. In 1995, the Government merged the social insurance unit of the Ministry of labour, invalids and social affairs wi...

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Main Authors:	Phuong, Nguyen Thi Thu, Castel, Paulette
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	AGE GROUP AGED WORKERS ANNUITIES APARTHEID AVERAGE WAGE BANK POLICY BASIC PENSION BENEFICIARIES BENEFICIARY BOND CAPITALIZATION CASUAL WORKERS CONTRIBUTION PERIOD CONTRIBUTION RATE CONTRIBUTION RATES DEFINED BENEFIT DEVELOPING COUNTRIES DEVELOPMENT BANK ECONOMIC DEVELOPMENT ELDERLY EMPLOYEE EMPLOYMENT STATUS EXPENDITURES FINANCIAL INSTITUTION FIRM DYNAMICS GOVERNMENT FINANCES GOVERNMENT FUNDS GUARANTEED BENEFITS HEALTH INSURANCE HOUSEHOLD INCOME INCOME SHOCK INDIVIDUAL ACCOUNTS INFORMAL ECONOMY INFORMAL SECTOR JOBS LABOR CONTRACT LABOR CONTRACTS LABOR FORCE LABOR INCOME LABOR MARKET LABOR MARKET SEGMENTATION LABOUR LABOUR MARKET LABOUR OFFICE LAW ENFORCEMENT LEGAL ENFORCEMENT LEGAL FRAMEWORK LIFE INSURANCE LOANS TO ENTERPRISES MANDATORY COVERAGE MANDATORY SCHEME MANDATORY SYSTEM MAXIMUM WAGE MICRO ENTERPRISES MINIMUM WAGE MONTHLY CONTRIBUTION OLD-AGE INCOME OLD-AGE PENSION PAY-AS-YOU-GO SYSTEM PENSION AGE PENSION AGES PENSION AT RETIREMENT PENSION BENEFIT PENSION BENEFITS PENSION ENTITLEMENTS PENSION FORMULAS PENSION FUND PENSION INCOME PENSION INCOMES PENSION REFORM PENSION RIGHTS PENSION SCHEMES PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS POVERTY ALLEVIATION PRESENT VALUE PREVIOUS STUDY PRIVATE ENTERPRISE PRIVATE SECTOR PUBLIC EMPLOYMENT REPLACEMENT RATE REPLACEMENT RATES RETIREE RETIREES RETIREMENT RETIREMENT AGE RETURN SAVINGS SELF EMPLOYED SELF-EMPLOYMENT SELF-EMPLOYMENT INCOME SELFEMPLOYMENT SERVANTS SMALL BUSINESS SMALL ENTERPRISES SOCIAL CONTRIBUTIONS SOCIAL INSURANCE SOCIAL INSURANCE BENEFITS SOCIAL INSURANCE PROGRAMS SOCIAL PENSIONS SOCIAL POLICY SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY BENEFITS SOCIAL SECURITY SYSTEM SOCIAL SECURITY SYSTEMS TEMPORARY WORKERS TOTAL WAGE TURNOVER UNEMPLOYED UNEMPLOYMENT UNEMPLOYMENT RATE VOLUNTARY PENSION VOLUNTARY PENSION FUND VOLUNTARY PENSION SCHEME WAGE EMPLOYMENT WAGES WORKER WORKERS YOUNG WORKERS
Online Access:	http://documents.worldbank.org/curated/en/763661468329678181/Voluntary-pension-system-challenge-of-expanding-coverage http://hdl.handle.net/10986/28101

id	okr-10986-28101
recordtype	oai_dc
spelling	okr-10986-281012021-04-23T14:04:45Z Voluntary Pension System : Challenge of Expanding Coverage Phuong, Nguyen Thi Thu Castel, Paulette AGE GROUP AGED WORKERS ANNUITIES APARTHEID AVERAGE WAGE BANK POLICY BASIC PENSION BENEFICIARIES BENEFICIARY BOND CAPITALIZATION CASUAL WORKERS CONTRIBUTION PERIOD CONTRIBUTION RATE CONTRIBUTION RATES DEFINED BENEFIT DEVELOPING COUNTRIES DEVELOPMENT BANK ECONOMIC DEVELOPMENT ELDERLY EMPLOYEE EMPLOYMENT STATUS EXPENDITURES FINANCIAL INSTITUTION FIRM DYNAMICS GOVERNMENT FINANCES GOVERNMENT FUNDS GUARANTEED BENEFITS HEALTH INSURANCE HOUSEHOLD INCOME INCOME SHOCK INDIVIDUAL ACCOUNTS INFORMAL ECONOMY INFORMAL SECTOR JOBS LABOR CONTRACT LABOR CONTRACTS LABOR FORCE LABOR INCOME LABOR MARKET LABOR MARKET SEGMENTATION LABOUR LABOUR MARKET LABOUR OFFICE LAW ENFORCEMENT LEGAL ENFORCEMENT LEGAL FRAMEWORK LIFE INSURANCE LOANS TO ENTERPRISES MANDATORY COVERAGE MANDATORY SCHEME MANDATORY SYSTEM MAXIMUM WAGE MICRO ENTERPRISES MINIMUM WAGE MONTHLY CONTRIBUTION OLD-AGE INCOME OLD-AGE PENSION PAY-AS-YOU-GO SYSTEM PENSION AGE PENSION AGES PENSION AT RETIREMENT PENSION BENEFIT PENSION BENEFITS PENSION ENTITLEMENTS PENSION FORMULAS PENSION FUND PENSION INCOME PENSION INCOMES PENSION REFORM PENSION RIGHTS PENSION SCHEMES PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS POVERTY ALLEVIATION PRESENT VALUE PREVIOUS STUDY PRIVATE ENTERPRISE PRIVATE SECTOR PUBLIC EMPLOYMENT REPLACEMENT RATE REPLACEMENT RATES RETIREE RETIREES RETIREMENT RETIREMENT AGE RETURN SAVINGS SELF EMPLOYED SELF-EMPLOYMENT SELF-EMPLOYMENT INCOME SELFEMPLOYMENT SERVANTS SMALL BUSINESS SMALL ENTERPRISES SOCIAL CONTRIBUTIONS SOCIAL INSURANCE SOCIAL INSURANCE BENEFITS SOCIAL INSURANCE PROGRAMS SOCIAL PENSIONS SOCIAL POLICY SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY BENEFITS SOCIAL SECURITY SYSTEM SOCIAL SECURITY SYSTEMS TEMPORARY WORKERS TOTAL WAGE TURNOVER UNEMPLOYED UNEMPLOYMENT UNEMPLOYMENT RATE VOLUNTARY PENSION VOLUNTARY PENSION FUND VOLUNTARY PENSION SCHEME WAGE EMPLOYMENT WAGES WORKER WORKERS YOUNG WORKERS Since 1947, the Vietnam Social Security (VSS) has provided social insurance to public servants and armed forces personnel in Vietnam. In 1995, the Government merged the social insurance unit of the Ministry of labour, invalids and social affairs with that of the Vietnam General Confederation of labor. At the same time the system became mandatory to the employees of the newly developing private sector. The consolidated system is publicly managed by the VSS administration. VSS collects contributions and pay social insurance benefits (in case of sickness and sick leaves, maternity and family planning related leaves, work injury and professional disease, survivorship and to people that reached pension ages). This paper investigates this issue by reviewing the characteristics of employment in Vietnam. It concludes that the risk that social coverage remains limited for many years is high and, presents accordingly some policy options to augment VSS's chances to reach universal coverage in the future. 2017-09-05T20:25:46Z 2017-09-05T20:25:46Z 2009-05-15 Report http://documents.worldbank.org/curated/en/763661468329678181/Voluntary-pension-system-challenge-of-expanding-coverage http://hdl.handle.net/10986/28101 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Poverty Assessment Economic & Sector Work East Asia and Pacific Vietnam
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	AGE GROUP AGED WORKERS ANNUITIES APARTHEID AVERAGE WAGE BANK POLICY BASIC PENSION BENEFICIARIES BENEFICIARY BOND CAPITALIZATION CASUAL WORKERS CONTRIBUTION PERIOD CONTRIBUTION RATE CONTRIBUTION RATES DEFINED BENEFIT DEVELOPING COUNTRIES DEVELOPMENT BANK ECONOMIC DEVELOPMENT ELDERLY EMPLOYEE EMPLOYMENT STATUS EXPENDITURES FINANCIAL INSTITUTION FIRM DYNAMICS GOVERNMENT FINANCES GOVERNMENT FUNDS GUARANTEED BENEFITS HEALTH INSURANCE HOUSEHOLD INCOME INCOME SHOCK INDIVIDUAL ACCOUNTS INFORMAL ECONOMY INFORMAL SECTOR JOBS LABOR CONTRACT LABOR CONTRACTS LABOR FORCE LABOR INCOME LABOR MARKET LABOR MARKET SEGMENTATION LABOUR LABOUR MARKET LABOUR OFFICE LAW ENFORCEMENT LEGAL ENFORCEMENT LEGAL FRAMEWORK LIFE INSURANCE LOANS TO ENTERPRISES MANDATORY COVERAGE MANDATORY SCHEME MANDATORY SYSTEM MAXIMUM WAGE MICRO ENTERPRISES MINIMUM WAGE MONTHLY CONTRIBUTION OLD-AGE INCOME OLD-AGE PENSION PAY-AS-YOU-GO SYSTEM PENSION AGE PENSION AGES PENSION AT RETIREMENT PENSION BENEFIT PENSION BENEFITS PENSION ENTITLEMENTS PENSION FORMULAS PENSION FUND PENSION INCOME PENSION INCOMES PENSION REFORM PENSION RIGHTS PENSION SCHEMES PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS POVERTY ALLEVIATION PRESENT VALUE PREVIOUS STUDY PRIVATE ENTERPRISE PRIVATE SECTOR PUBLIC EMPLOYMENT REPLACEMENT RATE REPLACEMENT RATES RETIREE RETIREES RETIREMENT RETIREMENT AGE RETURN SAVINGS SELF EMPLOYED SELF-EMPLOYMENT SELF-EMPLOYMENT INCOME SELFEMPLOYMENT SERVANTS SMALL BUSINESS SMALL ENTERPRISES SOCIAL CONTRIBUTIONS SOCIAL INSURANCE SOCIAL INSURANCE BENEFITS SOCIAL INSURANCE PROGRAMS SOCIAL PENSIONS SOCIAL POLICY SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY BENEFITS SOCIAL SECURITY SYSTEM SOCIAL SECURITY SYSTEMS TEMPORARY WORKERS TOTAL WAGE TURNOVER UNEMPLOYED UNEMPLOYMENT UNEMPLOYMENT RATE VOLUNTARY PENSION VOLUNTARY PENSION FUND VOLUNTARY PENSION SCHEME WAGE EMPLOYMENT WAGES WORKER WORKERS YOUNG WORKERS
spellingShingle	AGE GROUP AGED WORKERS ANNUITIES APARTHEID AVERAGE WAGE BANK POLICY BASIC PENSION BENEFICIARIES BENEFICIARY BOND CAPITALIZATION CASUAL WORKERS CONTRIBUTION PERIOD CONTRIBUTION RATE CONTRIBUTION RATES DEFINED BENEFIT DEVELOPING COUNTRIES DEVELOPMENT BANK ECONOMIC DEVELOPMENT ELDERLY EMPLOYEE EMPLOYMENT STATUS EXPENDITURES FINANCIAL INSTITUTION FIRM DYNAMICS GOVERNMENT FINANCES GOVERNMENT FUNDS GUARANTEED BENEFITS HEALTH INSURANCE HOUSEHOLD INCOME INCOME SHOCK INDIVIDUAL ACCOUNTS INFORMAL ECONOMY INFORMAL SECTOR JOBS LABOR CONTRACT LABOR CONTRACTS LABOR FORCE LABOR INCOME LABOR MARKET LABOR MARKET SEGMENTATION LABOUR LABOUR MARKET LABOUR OFFICE LAW ENFORCEMENT LEGAL ENFORCEMENT LEGAL FRAMEWORK LIFE INSURANCE LOANS TO ENTERPRISES MANDATORY COVERAGE MANDATORY SCHEME MANDATORY SYSTEM MAXIMUM WAGE MICRO ENTERPRISES MINIMUM WAGE MONTHLY CONTRIBUTION OLD-AGE INCOME OLD-AGE PENSION PAY-AS-YOU-GO SYSTEM PENSION AGE PENSION AGES PENSION AT RETIREMENT PENSION BENEFIT PENSION BENEFITS PENSION ENTITLEMENTS PENSION FORMULAS PENSION FUND PENSION INCOME PENSION INCOMES PENSION REFORM PENSION RIGHTS PENSION SCHEMES PENSION SYSTEM PENSION SYSTEMS PENSIONERS PENSIONS POVERTY ALLEVIATION PRESENT VALUE PREVIOUS STUDY PRIVATE ENTERPRISE PRIVATE SECTOR PUBLIC EMPLOYMENT REPLACEMENT RATE REPLACEMENT RATES RETIREE RETIREES RETIREMENT RETIREMENT AGE RETURN SAVINGS SELF EMPLOYED SELF-EMPLOYMENT SELF-EMPLOYMENT INCOME SELFEMPLOYMENT SERVANTS SMALL BUSINESS SMALL ENTERPRISES SOCIAL CONTRIBUTIONS SOCIAL INSURANCE SOCIAL INSURANCE BENEFITS SOCIAL INSURANCE PROGRAMS SOCIAL PENSIONS SOCIAL POLICY SOCIAL PROTECTION SOCIAL SECURITY SOCIAL SECURITY BENEFITS SOCIAL SECURITY SYSTEM SOCIAL SECURITY SYSTEMS TEMPORARY WORKERS TOTAL WAGE TURNOVER UNEMPLOYED UNEMPLOYMENT UNEMPLOYMENT RATE VOLUNTARY PENSION VOLUNTARY PENSION FUND VOLUNTARY PENSION SCHEME WAGE EMPLOYMENT WAGES WORKER WORKERS YOUNG WORKERS Phuong, Nguyen Thi Thu Castel, Paulette Voluntary Pension System : Challenge of Expanding Coverage
geographic_facet	East Asia and Pacific Vietnam
description	Since 1947, the Vietnam Social Security (VSS) has provided social insurance to public servants and armed forces personnel in Vietnam. In 1995, the Government merged the social insurance unit of the Ministry of labour, invalids and social affairs with that of the Vietnam General Confederation of labor. At the same time the system became mandatory to the employees of the newly developing private sector. The consolidated system is publicly managed by the VSS administration. VSS collects contributions and pay social insurance benefits (in case of sickness and sick leaves, maternity and family planning related leaves, work injury and professional disease, survivorship and to people that reached pension ages). This paper investigates this issue by reviewing the characteristics of employment in Vietnam. It concludes that the risk that social coverage remains limited for many years is high and, presents accordingly some policy options to augment VSS's chances to reach universal coverage in the future.
format	Report
author	Phuong, Nguyen Thi Thu Castel, Paulette
author_facet	Phuong, Nguyen Thi Thu Castel, Paulette
author_sort	Phuong, Nguyen Thi Thu
title	Voluntary Pension System : Challenge of Expanding Coverage
title_short	Voluntary Pension System : Challenge of Expanding Coverage
title_full	Voluntary Pension System : Challenge of Expanding Coverage
title_fullStr	Voluntary Pension System : Challenge of Expanding Coverage
title_full_unstemmed	Voluntary Pension System : Challenge of Expanding Coverage
title_sort	voluntary pension system : challenge of expanding coverage
publisher	World Bank, Washington, DC
publishDate	2017
url	http://documents.worldbank.org/curated/en/763661468329678181/Voluntary-pension-system-challenge-of-expanding-coverage http://hdl.handle.net/10986/28101
_version_	1764465686163226624

Voluntary Pension System : Challenge of Expanding Coverage

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