Posted 11.11. 2019 by Cekindo / Last update on 10.06. 2020
The Vietnamese government has issued a new regulation Decree 143 regarding mandatory social insurance for foreigners in Vietnam. This regulation came into force on December 1, 2018. Decree 143 provides guidance on the required social insurance for foreign employees working in Vietnam.
In this guide, Cekindo will tell you what Decree 143 is all about.
For foreign employees to be eligible for the compulsory social insurance, they have to meet the following criteria:
Foreign employees with either one of the circumstances will not be qualified for the compulsory social insurance:
Foreign employees who are qualified for compulsory social insurance in Vietnam will be covered under five benefit regimes: maternity, illness, retirement, labour accidents and occupational diseases, and survivorship.
The new rates of contribution of compulsory social insurance for foreign employees will be the same as those for Vietnamese employees:
Take note of some law updates related to labour cost starting from July, 2020 as below:
Based on Decree 86/2019/QH14 on Nov 12, 2019 about Government’s budget plan in 2020
The government of Vietnam issued decree 140 on October 8, 2018 to revise the decrees regarding provisions regarding work permit and foreigner’s work permit exemption in Vietnam. Here are some of the important changes that you need to know:
Plan for Foreign Labour Usage
Work Permit Certificate Exemption
Work Permit Application
Many enterprises, especially small businesses, would want to spend their valuable time on core business activities such as marketing, technology and sales — rather than tedious and time-consuming administration tasks like payroll and keeping up with the latest changes in regulations related to payroll, insurance and tax in Vietnam.
Therefore, in order to ensure you have time to grow your business, outsource your payroll to a reliable partner like Cekindo makes a lot of sense. Cekindo is committed to providing exceptional service and creating a sustainable competitive advantage in the thriving business environment in Vietnam.
Our payroll outsourcing services include monthly payroll calculation, monthly payslips and reporting, medical and social insurance calculation, and personal income tax declaration and assessment.
Get in touch to know more about our payroll services by filling in the form below.