The National Assembly Standing Committee discusses draft revisions to the Law on Social Insurance. (photo: Doan Tan/ VNA)

They also discussed the coverage extension of compulsory social insurance and regulations for lump-sum payment.

Most of the deputies agreed that the draft revisions reflect the Party’s viewpoints and policies on fine-tuning the Law on Social Insurance toward ensuring people's right to social security.

Nguyen Thi Thanh, Head of the Deputies Affairs Commission of the National Assembly Standing Committee, said: “Statistics of the Ministry of Labor, Invalids, and Social Affairs show that since we enforced the 2014 Law on Social Insurance 7 years ago, if we maintain the contribution period of 20 years, around 476,000 people who participate in social insurance are not eligible to receive pension. If we reduce to 15 years, more people will have opportunities to receive monthly pension, especially those who participate in the system late, at the age of 45 to 47 or those pay social insurance premiums interruptedly.”

Regarding the rate of social insurance payment, Pham Tan Cong, Chairman of the Vietnam Chamber of Commerce and Industry, said that it’s necessary to have more specific regulations to motivate businesses to develop and generate incomes and jobs for employees.

National Assembly Chairman Vuong Dinh Hue said that it is crucial to further study other issues in the draft revisions including the implementation of the Law on Social Insurance and the expansion of the compulsory coverage to cover workers at the communal level and residential areas while attention should also be paid to gig workers.