Over 200,000 choose social insurance lump sum withdrawal

People wait outside of a social security agency in Thu Duc, HCMC, to withdraw their insurance contributions, April 2022. Photo by VnExpress/Dinh Van

Nearly 209,000 Vietnamese chose to exit the social insurance scheme in the first three months of the year and take a one-time withdrawal, up 1 percent from a year ago.

HCMC alone had more than 37,000 people applying for the lump sum payout, an increase of about 19 percent over the same period last year. In Thu Duc City, District 12, Binh Tan, Hoc Mon and Binh Chanh such withdrawals overloaded insurance agencies, according to Vietnam Social Security, the national agency that oversees the payouts.

These workers will get meager to no pension when they retire; and cannot enjoy free health insurance.

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