Question: I paid voluntary social insurance for two years in monthly installments, but I forgot to pay for two months. Is it possible for me to make up for two months of late payments now? Does the current law support voluntary social insurance contributions?
The Law Department - ACDC advises:
According to Clause 2, Article 87 of the 2014 Law on Social Insurance and Clauses 1 and 2, Article 12 of Decree 134/2015/ND-CP guiding the Law on Social Insurance on social insurance concerning voluntary social insurance, the voluntary social insurance participants may choose one of the following payment methods: Monthly; every 3 months; every 6 months; every 12 months; Once for many years to come with a lower monthly payment or once for the missing years with a higher monthly payment than prescribed. In which, the time of payment of social insurance premiums for each mode of payment is implemented as follows:
In which each mode of payment's time of payment for social insurance premiums is implemented as follows:
- Within the month for the monthly payment method;
- Within 3 months for the every 3 months payment method;
- In the first 4 months for the every 6 months payment method;
- In the first 07 months for the 12 months lump-sum payment method.
- The payment of social insurance premiums time for the case of the lump-sum payment for many subsequent years or lump-sum payment for the remaining years shall be made at the registration time of the payment method and monthly income level as the basis for payment.
Pursuant to Clause 3, Article 12 of Decree 134/2015/ND-CP guiding the Law on Social Insurance on social insurance concerning voluntary social insurance:
“3. Exceeding the time of social security payment as stipulated in Clause 1 of this Article, voluntary non-social security subscribers shall be deemed to suspend voluntary social security payment. If they continue to pay, they must re-register the payment method and monthly income as the basis for their social insurance payment with social insurance agencies. Where there is a desire to compensate for the previous month's delay, the amount of compensation is calculated as the total amount of the month's delay, applying the gross interest rate as the average monthly social insurance fund investment rate announced by Viet Nam Social Insurance in the previous year adjacent to the year".
Therefore, according to the information you provided, you have been paying voluntary social insurance for two years now with the monthly payment method, however, you have forgotten to pay for 02 months. Now, if you want to make up for 2 months of late payment, you can make up for the number of months of late payment. However, the amount of compensation will be calculated by the total payment of late payment months, applying compound interest equal to the average monthly social insurance fund investment interest rate announced by the Vietnam Social Security of the year preceding the year of payment.
