Government considers $2.6 billion support package for Vietnamese hit by COVID-19

(VBSP News) A package worth VND 61.58 trillion (USD 2.6 billion) to help those most affected by the COVID-19 pandemic is proposed at the meeting of permanent Government members on April 1. According to the proposal, there will be six groups of people who are eligible for the relief payments to be made in cash or through Vietnam Bank for Social Policies (VBSP).

VBSP is giving effective solutions to support their customers in response to COVID-19 pandemic

Social policy beneficiaries and those who have rendered services to the State during the revolution and wars who are receiving monthly allowances will be given an additional VND 500,000 (USD 21.8) each month in April, May, and June. There are about 4.135 million people who fall under this category. About 984,000 poor households and 1,260,000 near-poor households across the country will receive VND 1 million each month also in April, May, and June.

Workers who were laid off or put on leave without pay due to the direct impacts of the COVID-19 pandemic will be provided VND 1.8 million VND (USD 76) a person a month. A monthly payment of VND 1 million paid for three months will be given to an estimated five million workers who either lost their jobs, don’t have a labor contract or had their contracts terminated when their social insurance contribution period is not sufficient for unemployment benefit payout.

Individual business households with yearly revenues below VND 100 million who have to temporarily close down as part of the Government’s stay-at-home order and social distancing measures will be given VND 1 million a month over a three-month period. About 760,000 households are eligible for this support.

Employers can borrow from VBSP with zero interest rate over 12 months to pay salaries for their furloughed workers in the three-month period.

Those eligible for more than two types of support in this bill will only be able to receive the highest value support. There will also be policies in place to help simplify the process of claiming unemployment support for workers. Employers and employees will also temporarily be exempt from their obligatory contributions to the retirement and survivors’ fund (part of the Government-sponsored insurance program).

vir.com.vn