NOTES UPON REGISTRATION OF VOLUNTARY SOCIAL INSURANCE

In addition to the mandatory social insurance regime, individuals and other entities have the right to voluntarily register for and participate in voluntary social insurance and enjoy existing insurance benefits. To provide readers with a comprehensive perspective on some important points to note when participating in voluntary social insurance, Lincon Law Company would like to offer the following advice:

1. Participants in voluntary social insurance

In accordance with current legal regulations, the participants in voluntary social insurance are Vietnamese citizens aged 15 and above, excluding those entities participating in mandatory BHXH.

Compared to mandatory social insurance, participants in voluntary social insurance enjoy fewer benefits. Specifically, this type of insurance only includes two regimes: retirement and death.

2. Documentation for registering for voluntary social insurance participation

No	Document	Preparing person	Legal status
1	Declaration of participation and adjustment of social insurance and health insurance information	Voluntary social insurance participants	Form TK1-TS
2	List of voluntary social insurance participants	Collection agent/Social insurance agency (in case participants register directly at the social insurance agency)	Form D05-TS
3	Other identification documents such as: ID card, household registration book, etc.	Voluntary social insurance participants
Quantity		01 set
Book issuance time:		No more than 07 days from the date of receipt of complete and valid documents, the social insurance agency will consider issuing an insurance book to the registrant.

3. Payment level and method

Unlike compulsory social insurance, voluntary social insurance participants have the right to choose the payment level and payment method that suits their economic conditions, as follows:

Payment method	Payment level	Payment time	Remarks
Monthly	Monthly income level (selected by the participant) × 25%	Within that month	– The lowest contribution level is equal to the poverty standard for rural areas; – The highest contribution level is equal to 20 times the base salary at the time of payment.
Every 3 months/time	Monthly payment × 3	Within 03 months
Every 6 months/time	Monthly payment × 6	Within the first 04 months
Every 12 months/time	Monthly payment × 12	Within the first 07 months
Many years later	The total payment amount of the missing months will be applied with a compound interest equal to the average monthly social insurance fund investment interest rate announced by Vietnam Social Insurance in the year preceding the year of payment.	Time to register for payment method and monthly income as the basis for payment.

In case a person participating in voluntary social insurance wishes to change the payment method or level of social insurance payment, they can completely do so. However, this right to change can only be exercised at least after the previously selected closing method has been completed.

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