ILO: Vietnam should extend social protection to informal economy
Participants at a conference on “Reforming Social Insurance Policies – International Experience and Recommendations for Vietnam”, organized in Hanoi on November 29 by the Ministry of Labor, Invalids and Social Affairs (MoLISA) and the ILO, agreed that social insurance reform should be built on the results already achieved.
“Social insurance is a key pillar of the social security system,” Deputy Prime Minister Vuong Dinh Hue told the gathering. “It makes a great contribution to realizing social advancement and justice in that access to social insurance is a universal social protection right and is linked to the goal of universal coverage with a proper roadmap.”
As a country with a rapidly aging population and a widespread informal economy, Vietnam is facing several challenges in terms of its social insurance system. “In addition to encouraging achievements, Vietnam’s social insurance policies have shown limitations,” said Minister of Labor, Invalids, and Social Affairs Dao Ngoc Dung.
The scheme’s coverage remains limited due to low compliance in the formal sector and low coverage in the informal sector. Meanwhile, 6-7 million elderly people currently do not receive a pension.
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