PM approves US$2.66 bln bailout package for COVID-19-affected people

Prime Minister Nguyen Xuan Phuc has approved a bailout package worth VND62 trillion (US$2.66 billion) to support people affected by the COVID-19 pandemic nationwide.

pm approves us$2.66 bln bailout package for covid-19-affected people hinh 0
Illustrative image (Photo: VNA)
The social security package is part of a resolution signed by the PM to help people affected during the pandemic.

Under the resolution, employees who take unpaid leave and those who have their labour contracts suspended for at least one month will receive VND1.8 million (US$77) each month.

The duration of support will depend on how long they are out of work starting from April 1, and will not run beyond three months.

Employers in financial troubles who have continued to pay staff at least 50 percent of the salaries will be allowed to borrow money from the Vietnam Bank for Social Policy with zero interest for three months to pay the outstanding money to their staff.

Individual business households with taxable revenue of less than VND100 million (US$4,288) per year that have closed since April 1 will receive VND1 million (US$43) per month for a maximum of three months.

Employees who have their labour contracts terminated and are ineligible to unemployment allowances; and employees who have no labour contracts and lose jobs will receive VND1 million per month.

The duration of support will depend on the developments of the pandemic but will not run beyond three months. The duration is applied from April to June, 2020.

People who contributed to the national revolutionary cause and social policy beneficiaries will receive an allowance of VND500,000 (US$22) each month from April to June, in addition to their monthly allowances. Poor and near-poor households will receive VND250,000 (US$11) per month from April to June. All of the payments will be made in a lump sum.

The resolution also said that employers affected by the pandemic that had been forced to lay off more than 50% of staff would be allowed to suspend payments to the retirement and death fund for 12 months.

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