Decree No. 134/2008/ND-CP dated December 31, 2008 of the Government adjusting monthly incomes for which social insurance premiums have been paid for laborers participating in voluntary social insurance

DECREE

ADJUSTING MONTHLY INCOMES FOR WHICH SOCIAL INSURANCE PREMIUMS HAVE BEEN PAID FOR LABORERS PARTICIPATING IN VOLUNTARY SOCIAL INSURANCE

THE GOVERNMENT

Pursuant to the December 25, 2001 Law on Organization of the Government;

Pursuant to the June 29, 2006 Law on Social Insurance;

A t the proposal of the Minister of Labor, War Invalids and Social Affairs and the Minister of Finance,

DECREES:

Article 1. To adjust monthly incomes for which social insurance premiums have been paid to serve as a basis for calculating the average monthly incomes on which social insurance premiums are based for laborers who once paid social insurance premiums under the type of voluntary social insurance.

Article 2. Subjects of application are laborers who participate in voluntary social insurance on or later than January I, 2008, then receive retirement pension, lump-sum allowance upon retirement, lump-sum social insurance benefit or die and their relatives receive a lump-sum survivorship allowance according to the provisions of Law on Social Insurance regarding voluntary social insurance.

Article 3.

1. The adjustment level of monthly incomes for which social insurance premiums have been paid applicable to the subjects specified in Article 2 of this Decree shall be calculated on the basis of the average annual consumer price index announced every year by the General Statistics Office under the Ministry of Planning and Investment according to the following formula:

Social Affairs shall guide the implementation of this Decree.

2. The Ministry of Labor, War Invalids and Social Affairs shall annually provide for the adjustment level of monthly incomes for which social insurance premiums have been paid for

In which:

- t is any year in the adjustment period;

- The adjustment level of monthly incomes in year t for which social insurance premiums have been paid may be rounded up to two decimals and the lowest level is 1.

2. For subjects specified in Article 2 of this Decree, if they have paid compulsory social insurance under the wage regime prescribed by the employers, such monthly wages and remunerations for which social insurance premiums have been paid shall be adjusted under Clause 1, Article 3 of the Government's Decree No. 83/2008/ND-CP of July 31, 2008.

Article 4. Funds for the adjustment of monthly incomes for which social insurance premiums have been paid to serve as a basis for calculating the average monthly incomes on which social insurance premiums are based for labors specified in Article 2 of this Decree shall be ensured by the social insurance fund.

Article 5.

1. The Ministry of Labor, War Invalids and laborers who once paid social insurance premiums under the type of voluntary social insurance after reaching agreement with the Ministry of Finance on the adjustment level of monthly incomes for which social insurance premiums have been paid, calculated under Article 3 of this Decree.

3. The Vietnam Social Insurance shall organize the implementation of this Decree.

Article 6.

1. This Decree takes effect 15 days after its publication in "CONG BAO."

2. The provisions of this Decree shall be implemented from January 1, 2008.

Article 7. Ministers, heads of ministerial-level agencies, heads of government-attached agencies and presidents of provincial-level People's Committees shall implement this Decree.