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With 54 Articles arranged in seven chapters, the new Law will take effect on January 1, 2025.
The new Law has several noteworthy points.
Firstly, the decentralization of powers to the local administration for management would help enhance the autonomy and accountability of Hanoi capital’s administration. The new Law provides an organizational model without ward-level People’s Councils, as previously piloted under Resolution 97/2019/QH14.
Secondly, the expansion of compulsory social insurance participants would help widen the coverage of the social security system.
Thirdly, the new Law increases benefits for social insurance participants by reducing the minimum number of years of insurance premium payment for enjoyment of monthly pension and increasing benefits of pregnant and birth-giving women participating in voluntary social insurance.
Fourthly, the new Law simplifies administrative procedures and promotes electronic transactions within the social insurance system.
Fifthly, the new Law promotes innovation and talent development by providing on support for scientific research, technological innovation and attraction of talents for developing Hanoi into a leading innovation center.
Lastly, the new Law contains more provisions on international cooperation under more transparent mechanisms and state management and defines more clearly responsibilities of the ministries related to social insurance in conformity with relevant international standards.
These revisions aim to create a more dynamic, efficient and flexible legal framework for the capital, thereby paving the way for its comprehensive development in the future.
By: VLLF
